Seoul has joined the growing number of cities planning to launch their own cryptocurrencies. According to the Mayor Park Won-soon, the cryptocurrency to be known as the “S-coin” will be used as a payment mechanism to support social welfare programs and pay for services.
Dubai recently announced a similar plan. The token to be known as emCash will be used by citizens to pay for government and other services. The project was developed by Dubai Economy, a body charged with crafting the city’s economic agenda.
The cryptocurrency is developed in partnership with UK start up Object Tech that is also developing blockchain based digital passports in a plan that is set to make Dubai the first blockchain city.
The Venezuelan government recently launched its cryptocurrency known as the Petro in an attempt to circumvent international sanctions. The move has roundly been criticized from within and outside the country. Donald Trump signed an executive order recently barring US citizens from participating in its ICO.
According to Korea Times the Seoul mayor hopes to bolster the city’s image as one of the leaders in the Fourth Revolution by adopting blockchain technology.
Blockchain Master Plan
A blockchain master plan is expected before the end of April according to Mr Park. The plan will come with a regulatory guideline.
A public fund to support blockchain is also in the offing. This is positive news for the industry that has recently been facing a spate of crackdowns.
South Korea is one of the world centres for cryptocurrency trading and accounts for a sizeable part of all trading. A large part of the population participates in cryptocurrency trading after word of mouth spread about Bitcoin’s success. The government has repeatedly expressed concern over the trend.
If the project goes according to plan, Seoul will become the first major city to roll out cryptocurrencies. Seoul has an estimated population of 25 million people.
Marshall islands will become the first nation to officially use cryptocurrencies with a recent legislation being passed in parliament. Russia has previously been said to be planning to launch a national cryptocurrency although critics have said the move is a ploy to dodge international sanctions.