Seoul, South Korea plans to launch its own cryptocurrency

Just as Estonia plans to apply blockchain technology to all government administrative procedures, Park also thinks that blockchain is applicable to all government agencies in Seoul, such as the public transportation system operated by Seoul City.

In addition, Park also pointed out that S-Coin can also be used as a payment method for urban-subsidized welfare projects, while at the same time it can also protect the environment by reducing the use of electricity, water, and natural gas.

In order to achieve this goal, Park says that the laws governing cryptocurrency will need to be adjusted and added that in order to make S-Coin, they need to have some institutional and legal support.

In addition, Park also hopes to establish a blockchain ecosystem. “I’ve seen many blockchain companies, but I think our company can’t see the light because of all sorts of regulatory regimes. In fact, (our) technology is as advanced as other countries. By creating an enabling zone Blockchain companies have set up and let startups develop a cluster of new technologies. We are working hard to develop blockchain technology and accelerate the development of global blockchain technology.”

It is understood that this technology is part of the overall planning of the blockchain of Seoul City, and it is expected to be completed in April of this year. In November last year, the city specially hired Samsung SDS to help them establish an innovative information strategy plan for blockchain cities, which made it the first city in Korea to develop a roadmap for introducing blockchains.

In response to the South Korean government’s current strong regulatory policy on cryptocurrency, Park said that when the Ministry of Justice announced its regulatory measures, it was met with tremendous resistance. At the same time, the government seemed to have begun to think deeply. He also added that the establishment of cases and models is the task of the local government.