Seoul Developing Its Own Cryptocurrency

April 2, 2018

The mayor of Seoul Park Won-soon has told on plans of the local authorities to issue city digital currency and establish favorable conditions for developing crypto industry in the city.

Park has claimed, together with the city government they will be intensively facilitate blockchain start-ups and take part in introducing its own cryptocurrency of Seoul called S coin. To reach the goals set Park promised his assistance in providing institutional and legal groundwork for realizing the initiatives.

“As Seoul is the world's leading city in the field of information and communications, including the 4th industrial revolution, I think it should naturally study new technologies such as blockchains. … In order to make an S coin, we must prepare institutional and legal backing such as ordinances”, the mayor noted.

Park Won-soon urged to follow in steps of Estonia and adopt blockchain in all administrative facilities of Seoul like public transport, electricity, water and gas supply.

As local media report, details on implementing these initiatives are to be published in April this year.

Park did not leave out the issue of the authorities’ approach towards digital currencies and voiced hope government will change it soon and provide a more favorable legislative framework.

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