Seoul is considering S-corner: its cryptocurrency

Park Won-soon, the mayor of the South Korean capital, made a statement that the city of Seoul will soon issue its own cryptocurrency. S-Coin (Seoul Coin) will be used for city-funded benefit programs. Groups dedicated to the exploration of Blockchain technologies and their future implications will also be introduced.

South Korea re-embraces crypto-currencies

According to the interview with CoinDesk Korea Park Won announced the launch plan for its cryptocurrency last week. In parallel, the city will create a support fund for the advancement of Blockchain technology and startups exploiting its potential.

Park Won-soon said:

Since Seoul is the world's first city in the field of information and communication, including in the fourth industrial revolution, I think we should study revolutionary technologies such as the Blockchain.

Prepare institutional and legal support

The mayor is preparing an institutional and legal framework for the creation of Seoul's cryptocurrency, S-Coin, while committing to changing the government's attitude towards digital currencies in general. This initiative will allow laws and regulations to facilitate the adoption of a new financial tool.

The potential uses of Blockchain technology are numerous. It will greatly contribute to the development of a modern capital such as Seoul. This will translate into economic benefits for the citizens of the city, the mayor said. According to this logic, saving electricity, gas and water would be possible. Young people looking for jobs can find their accounts in the cryptocurrency industry.

Blockchain technology is applicable to public infrastructure such as the public transportation system and the issuance of youth benefit payments . I really believe that Blockchain technology can be used to power most government activities in Seoul.

Park Woon-soon sees things big. He hopes to promote the Blockchain ecosystem nationally and internationally:

I met companies working on the Blockchain, and I think that our companies are not put in sufficiently prominent because of the different regulations. In fact, the technology is as advanced as in any other country by creating clusters that will allow Blockchain companies to build and startups to develop new technologies. We are working hard to develop and spread Blockchain technology around the world.

To recover from the FUD on the cryptocurrency ban in South Korea

Rumors about the cryptocurrency ban in South Korea have in some ways handicapped the whole country. The crypto community has been strongly affected, despite the fact that it is only a FUD (note: fear, uncertainty and doubt). The mayor referred to the public outrage in this regard by stating:

Earlier, the South Korean people protested strongly against the Justice Ministry's decision to ban cryptocurrency trading, and this has led the government to deeply reconsider its position on cryptocurrencies. In my opinion, the role of provincial and regional governments is to first apply innovative technologies and demonstrate the progress made by the federal government. If Seoul cuts restrictions on cryptocurrency and Blockchain development, it will lead to a flexible environment for businesses.

What do you think of the creation of a cryptocurrency, S-Coin, az dedicated to the city of Seoul? Will Mayor Park Won-Soon's blockchain and cryptocurrency initiatives have an impact on the South Korean government? Comment in the comments section below.

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Posted from my blog with SteemPress : https://infos.link/seoul-is-considering-s-corner-its-cryptocurrency/

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