Seoul Mayor Floats Launching Cryptocurrency

One of the world’s largest cities may soon have its own cryptocurrency, at least if Seoul Mayor Park Won-soon succeeds in his bid to launch “S-Coin.”

Park, who will seek a third term as mayor in the June elections, told CoinDesk Korea that S-Coin — as the cryptocurrency is tentatively named — could be used as a payment mechanism in the South Korean capital to fund public welfare programs or compensate private contractors.

Though he did not give further specifics on S-Coin, Park said that the initiative is a core component of the city’s new “Blockchain master plan,” which will see the metropolis publish clear regulatory guidelines on cryptocurrency and devote public resources toward cultivating a thriving blockchain development sector.


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