Seoul Looks To Develop Its Own Cryptocurrency – Report

Blockchain, Investing, News, Regulation | April 2, 2018 By:

Seoul, South Korea is working toward developing the “S-Coin,” a new cryptocurrency that will be used to fund social benefits in the city, according to its mayor

Concurrent with the S-Coin’s development, Seoul is also creating a fund to support the blockchain technology development and startups specializing in it.

South Korea is one of the hotbeds of cryptocurrency development. Although the government has started to draw its regulation ties tighter, the South Korean market usually drives a lot of momentum in the digital currency markets.

If the coin comes online, it will be used on such programs as public transportation and youth programs, according to the mayor. It may also back certain welfare programs.

Seoul’s government is working with Samsung SDS on a blockchain strategy and expects to unveil a roadmap on the plans later this month.