Seoul wants its own government-backed cryptocurrency

The mayor of Seoul wants to create "S-Coin", a cryptocurrency which could be used as a payment method for city funded welfare programmes or to pay private contractors

Marcus Zallman
Read +
Follow Us

According to CoinDesk, Park Won-Soon who is the mayor of South Korea’s capital city, Seoul wants to create “S-Coin”, a cryptocurrency - which could be used as a payment method for city funded welfare programmes for young jobseekers and environmental protection or to pay private contractors.

South Korea trading of cryptocurrency is extremely popular,  and the S-Coin fits into a larger agenda.

“Seoul is one of the cities that are leading the Fourth Industrial Revolution, and it is natural to study and invest in new technologies such as blockchain,” said Mr Park in an article by the Korea Times .

Samsung SDS, a subsidiary of Samsung was hired last year by the city to offer technical and consultancy services, to help the city to set up a strategy for ‘blockchain-based municipal innovation’.

However before establishing the cryptocurrency, the Mayor says that certain laws and regulations must be changed in order to allow the launch of S-Coin. In addition, the city would be releasing its ‘blockchain master plan’ by the end of April.

Should the cryptocurrency be approved and launched, the city of Seoul, with it’s  25 Million inhabitants would make the largest test group to use cryptocurrency as a form of payment.

GovCoins” or GovTokens, have been the vision of other countries.

For example, Estonia has been evaluating the idea of establishing ‘estcoin’, or elsewhere in Berkley California, the municipal, government is trying to ‘tokenise’ municipal bonds in order to raise capital for financing government programs. Dubai is also reportedly planning on launching its “emCash” token and the Marshall Islands has recently passed legislation that would allow the island to launch its own digital currency and in the UK, the city of Hull recently launched its own HullCoin.