Mayor of the capital of South Korea Park Won-soon announced plans to create a crypto currency called S-Coin, which will be used in urban social assistance programs. In addition, a special fund will be organized in Seoul to support the development of blockchain technologies and related start-ups, CoinDesk reports.
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. Blockchain can be applied to all bureaucratic administrations in Seoul, such as the public transport system system operated by Seoul City and the provision of youth allowance.
Won-soon also noted that S-Coin will be used as a method in urban social security programs for civil servants, young applicants and citizens who help the environment by saving energy, water and gas.
In order to make an S-Coin, we need to prepare institutional and legal support such as bylaws. I've met blockchain companies, and I think our companies are not seeing the light because of the various regulations. Actually, [the] technology is as advanced as any other country. By creating clusters that will allow blockchain companies to build up, and startups to develop new technologies, we are working to develop and spread blockchain technology around the world.
At the end of last year, the "daughter" of the South Korean electronic giant Samsung SDS announced the development of a blockchain-platform for the public sector of Seoul.