South Korean Capital Planning to Launch City-Wide Cryptocurrency : S-COIN

South Korea is now already amongst one of the cryptocurrency capitals of the world. As such, the country’s capital city of Seoul is looking to adopt its own official cryptocurrency- S-coin

Park Won-soon, Seoul’s mayor is outing forward his idea to launch a city-wide digital currency, called S-coin which will be responsible to fund public welfare programs and pay private contractors. Park stated:

“Seoul is one of the cities that are leading the Fourth Industrial Revolution. So it’s natural to study and invest in new technologies such as blockchain.”

Park is appearing for re-election this summer. With this news, the idea of bringing S-coin which will also aim to fund jobseekers and environmental protection, has a huge chance of getting him votes of cryptocurrency enthusiasts in the country, which is itself a hotspot for digital currency trading.

Apart from the city-issued cryptocurrency, S-coin, Park “also intends to start a public fund to advance blockchain technology and nurture related tech start-ups”.

Park’s proposal is set to see more details in April when Seoul will unveil an official regulatory guideline and “blockchain master plan” by the end of April. Should S-coin come to fruition, Seoul would become the largest city in the world to adopt its own digital cryptocurrency.

• Dubai, along with its plan on bringing its own blockchain technology is also interested in developing its own cryptocurrency — called emCash which will be used as legal tender for both public and private debts.
• In the United States, the city of Berkeley aims to become the first to have its own cryptocurrency ecosystem, in which coins or tokens backed by municipal bonds may be used as legal tender in shops and restaurants, to pay rent, or as donations to the city’s ever-growing homeless population.
• The Marshall Islands, a sovereign nation located halfway between Hawaii and Australia, is set to create the first ever legal tender issued as a cryptocurrency, the Sovereign (SOV)
• Venezuela has already won the race to issue the first-ever state-issued cryptocurrency, PETRO, despite questionable backing, a crumbling economy, and strict financial sanctions imposed by the United States.

The above examples clearly illustrate how local and state-issued cryptocurrencies are becoming a popular prospect worldwide. Thus, we can expect that the S-coin is going to be a hit.

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