S. Korean Capital to Launch Own Crypto

S-Coin will be used in city-funded social benefits programs
03 April 2018   334

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.

Park Won-soon

Mayor, Seoul

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.

Park Won-soon

Mayor, Seoul

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.

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions
18 July 2018   9

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.