South Korea’s mayor Park Won-Soon announced plans for their own cryptocurrency called S-Coin. The plan is for the coin to support city-funded social benefits programs as well as drive broader funding opportunities for the advancement of Blockchain related technology and start-up companies.
“As Seoul is the world’s leading city in the field of information and communications, including the Fourth Industrial Revolution, I think we should study new technologies such as blockchains,” he said.
Like Estonia, which is attempting to apply blockchain technology to all government administrative processes, Park thinks that the “blockchain can be applied to all bureaucratic administrations in Seoul, such as the public transport system operated by Seoul City and the provision of youth allowance.”
Mayor Park said the laws governing cryptocurrencies would need to be changed, adding that “in order to make an S-Coin, we need to prepare institutional and legal support such as bylaws,” he said. “I will try to change the various laws and regulations of the central government.”
Regarding the Korean government’s strong regulatory policy on cryptocurrency, Park said, “The last time the Ministry of Justice announced regulatory measures, there was tremendous resistance, and the government seemed to think deeply about it.” He added that it is “the local government’s task to create cases and models.”