The South Korean capital of Seoul is developing its very own cryptocurrency they are calling S-Coin. According to Seoul’s Mayor Park Won-Soon, it will be designed especially for municipal transactions.
South Korea is currently the third largest market for Bitcoin trades, just behind Japan and the USA. Based on the dozen or so exchanges in the country, demand for cryptocurrency is much higher in South Korea than in the rest of the world, driving the value of coins higher than most countries.
The Mayor of Seoul recently said in an interview that blockchain technology would be used in numerous city services and industry, including public welfare.
In an interview with Coindesk Korea, Park stressed his intentions:
"As Seoul is the world's leading city in the field of information and communications, including the 4th industrial revolution, I think it should naturally study new technologies such as blockchains… blockchains can be applied to all administrations in Seoul such as the public transport system system operated by Seoul City and the provision of youth allowance.”
Being one of the largest cities in the world, Seoul faces a lot of bureaucratic red tape. Park reiterated that in order for S-Coin to operate, the city needed to prepare institutional and legal support in the form of bylaws. Like any new proposal to make life easier and improve upon day-to-day activities, the regulation on cryptocurrency needs to first be worked out with the national government.
In the United Arab Emirates the futuristic city of Dubai has already released a city coin they call EmCash that’s used for education costs, basic utilities and even money transfers. So, while Seoul may not be the first city to come up with such a plan, it’s another sign of the positive future that lies ahead for blockchain and cryptocurrencies.