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Friday, April 6, 2018

Seoul To Adopt City-Wide Cryptocurrency

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Seoul To Adopt City-Wide Cryptocurrency
Seoul To Adopt City-Wide Cryptocurrency

South Korea’s capital is considered as one of the most advanced cities in the world and its officials are now getting ready to launch S-Coin, Seoul’s first legitimate cryptocurrency. The mayor, Park Won-soon said that the new virtual currency will fund public welfare programs, job seekers and environmental protection supporters, but also pay private contractors etc. New technologies like blockchain are changing the world rapidly, and leading cities in the world are becoming more and more crypto-oriented, said Won-soon.

According to the Park’s proposal, Seoul could become the largest city in the world to embrace its own virtual currency, in case official regulatory guidelines are accepted by the end of the month. Tech start-ups and blockchain development could also be funded by S-Coin which should encourage digital currency trading and launch a variety of city-related projects.

Apart from South Korea’s capital, other modern cities are also working on their own cryptocurrency. Dubai is currently developing emCash, which is to be used as legal tender for public and private debts, whereas the city of Berkeley (CA) is building an entire ecosystem of digital assets. The idea is based on coins and tokens that are backed up by municipal bonds. In addition, they can be used for payments at restaurants, shopping malls, or even donations and rent. Moreover, Berkeley’s cryptocurrency funds should provide more affordable housing and help the homeless.

On the other side of the world, Marshall Islands and Venezuela have also established their own cryptocurrency systems, Sovereign and Petro, which should provide supplementary legal tenders alongside USD and Bolivar. Pursuant to Seoul’s officials, S-Coin should be much easier to pursue, due to the country’s general acceptance of virtual assets.

Source:

“South Korean Capital Looks To Launch City-Wide Cryptocurrency S-Coin”, James Adam, bitcoinist.com, April 5, 2018.

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