Seoul to Launch Its Own Cryptocurrency?

It is becoming increasingly important for the world’s major cities to attract innovative companies to sustain their advantage in the world. Today, we look at what South Korea’s capital is doing about it.

It is an interesting story that could help place Seoul on the “world crypto map.”

Seoul to have its own crypto?

Park Won-soon, the mayor of Seoul, said he would like to see the city he runs get its own cryptocurrency, as well as to create a better environment for blockchain and digital currency companies, according to a recent Hankyoreh report.

That, as we know, is easier said than done and to achieve this goal Park will work towards creation of blockchain-oriented industrial clusters and startups that would help develop Seoul’s cryptocurrency called “S coin.”

“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,” the mayor said. “In order to make an S coin, we must prepare institutional and legal backing such as ordinances.”

In addition, Park addressed the potential use of the technology in administrative functions of Seoul, including public transportation and electricity, water and gas infrastructure management.

He went on to comment on the Korean government’s strict policies in regards to cryptocurrency. “The last time the Ministry of Justice announced regulatory measures, it was a tremendous resistance, and the government seemed to think deeply about it,” Park said, adding: “First, it is the local government’s task to create cases and models. If the Seoul government releases certain regulations, it will be able to make the model more freely.”

For what it matters, South Korea’s capital has already started “playing” with blockchain; at the end of 2017, the Seoul Metropolitan Government announced collaboration with Samsung SDS to develop an information strategy plan for the city’s blockchain-based municipal innovation by 2022, targeting welfare, public safety and transportation. The project also aims to increase transparency for government services.

Other cities are also looking to embrace blockchain

Many things start in the Silicon Valley, and something tells us San Francisco and the whole Bay Area will yet again play a pivotal role in the future of decentralized computing. Also, we could see something similar coming from Seattle where Microsoft and Amazon will be big contributors, as well as from the New York City, which many deem the financial capital of the world.

Outside of the U.S., we have the city of Zug in Switzerland, which has already managed to attract blockchain- and crypto-related startups; Dubai with its Dubai 10x initiative that aims to take advantage of decentralized computing; Tokyo, which is trying to pull in companies in the space from all around the world; and so on and on…