Seoul Cryptocurrency S-Coin Developed By South Korea

The city of South Korean Seoul has informed the public about its plans to create its own cryptocurrency called “S-Coin”. According to the mayor of the city, the digital currency is about to be utilized in the city-funded social programs.

Park Won-soon, the mayor of Seoul, has announced the plan last week, as he also has revealed that the city looks into creating a fund to support the improvements of Blockchain technology and startups in this sector. He said there is a need to study new technologies, such as blockchains, as Seoul is the world’s leading city in the space of communications, including Fourth Industrial Revolution.

Just like in case with Estonia, which plans to apply Blockchain technology to all the government administrative processes, Mr. Park believes that the “blockchain can be applied to all bureaucratic administrations in Seoul, such as the public transport system system operated by Seoul City and the provision of youth allowance.”

Mr. Park also has stated, that S-coin can be used as a payment for city-funded welfare programs. This could be used for public employees, citizens, who aims to help to save electricity, water and gas for commercial uses.