South Korea’s capital is considered as one of the most advanced cities in the world and its officials are now getting ready to launch S-Coin, Seoul’s first legitimate cryptocurrency. The mayor, Park Won-soon said that the new virtual currency will fund public welfare programs, job seekers and environmental protection supporters, but also pay private contractors etc. New technologies like blockchain are changing the world rapidly, and leading cities in the world are becoming more and more crypto-oriented, said Won-soon.
According to the Park’s proposal, Seoul could become the largest city in the world to embrace its own virtual currency, in case official regulatory guidelines are accepted by the end of the month. Tech start-ups and blockchain development could also be funded by S-Coin which should encourage digital currency trading and launch a variety of city-related projects.
Apart from South Korea’s capital, other modern cities are also working on their own cryptocurrency. Dubai is currently developing emCash, which is to be used as legal tender for public and private debts, whereas the city of Berkeley (CA) is building an entire ecosystem of digital assets. The idea is based on coins and tokens that are backed up by municipal bonds. In addition, they can be used for payments at restaurants, shopping malls, or even donations and rent. Moreover, Berkeley’s cryptocurrency funds should provide more affordable housing and help the homeless.
On the other side of the world, Marshall Islands and Venezuela have also established their own cryptocurrency systems, Sovereign and Petro, which should provide supplementary legal tenders alongside USD and Bolivar. Pursuant to Seoul’s officials, S-Coin should be much easier to pursue, due to the country’s general acceptance of virtual assets.
Source:
“South Korean Capital Looks To Launch City-Wide Cryptocurrency S-Coin”, James Adam, bitcoinist.com, April 5, 2018.
“S-Coin, Seoul’s first legitimate cryptocurrency”
Fact-checked by Nina.D Sylvanas
Chief Content Editor
coolsongss
7 years ago
Hero Member
Actually, I don't know much about Cryptocurrency, but S-Coin thing sounds like a electronic currency thing to me. This mayor is doing his 3rd term even though he is not really capable for administration or politician. He was just a human right lawyer until he became the mayor of Seoul, huh, which is another very funny story...
Actually, I don't know much about Cryptocurrency, but S-Coin thing sounds like a electronic currency thing to me. This mayor is doing his 3rd term even though he is not really capable for administration or politician. He was just a human right lawyer until he became the mayor of Seoul, huh, which is another very funny story and misery for another stupid politician who used to be a good businessman crushed in the politics. Anyway, this Seoul mayor is a life-time friend of current president of South Korea who wants to make this mayor next president to himself. Funny situation is going on here.
Show morePlease enter your comment.
Your comment is added.
jade
8 years ago
Super Hero
I'm not sure why these countries need "their own cryptocurrency!" You would think that a universal cryptocurrency, like Bitcoin, would be better suited because of its worldwide applications. For instance, Intertops uses a payment processor out of Seoul Korea. Their new virtual currency isn't going to be of use to anyone...
I'm not sure why these countries need "their own cryptocurrency!" You would think that a universal cryptocurrency, like Bitcoin, would be better suited because of its worldwide applications. For instance, Intertops uses a payment processor out of Seoul Korea. Their new virtual currency isn't going to be of use to anyone outside Korea. Well, every country already has their own paper currency, so now, we're all probably going to have our own virtual currency. It is good to see that virtual currency is becoming acceptable worldwide.
Show morePlease enter your comment.
Your comment is added.
Mila
8 years ago
Sr. Newbie
Some don't want to fritter away time but to proactively meet the future...WTG, Seul!
Please enter your comment.
Your comment is added.