In an article in the Korea times, Seoul is pondering launching its own cryptocurrency. This news was released, Tuesday, by Seoul’s Mayor Park Won-soon. The new cryptocurrency, if he is successful in launching it, will be called the “S-Coin.”
Park, is in the process of seeking a third consecutive term as Seoul mayor. The election is scheduled to occur in June. The S-Coin, as the cryptocurrency is tentatively named, could be used as payment and tender in the South Korean capital. It can also be used to fund public welfare programs as well as paying private contractors.
“Seoul is one of the cities that are leading the Fourth Industrial Revolution,” Park said, according to the Korea Times. “So it’s natural (for the city) to study and invest in new technologies such as blockchain.”
South Korea, along with much of Asia, is considered the hub of the cryptocurrency world. It is widely acknowledged that should the launch of S-Coin go ahead, it will pave the way for other state or city cryptocurrencies. South Korean Cryptocurrency Exchange trading is very popular with millions of dollars worth of digital currencies being traded every day.