South Korea's capital intends to create and introduce its own digital currency |

South Korea’s capital intends to create and introduce its own digital currency

Peter Terlato 3 April 2018 NEWS

Seoul is developing a blockchain master plan that will reportedly be completed and released next month.

The mayor of South Korea’s capital, Seoul, wants the city to support blockchain projects and plans to create a cryptocurrency that provides “economic benefits to citizens”, according to a recent report by CoinDesk Korea.

Seoul’s mayor Park Won-soon told the publication that he wants to develop a digital currency, the “S-Coin”.

The elected official said that he will attempt to change and influence the various central government laws and regulations in an effort to help bring the planned cryptocurrency to fruition.

“In order to make an S Coin, we need to prepare institutional and legal support such as bylaws,” Park said.

The new coin may work in conjunction with Seoul’s eco-mileage system that provides benefits to citizens who save electricity, water and gas. It may also be applied to youth allowance, jobs support and welfare schemes.

The mayor was also adamant that South Korea’s capital city should be learning about blockchain technology.

“I think we should study new technologies such as blockchains. Blockchains can be applied to administrations in Seoul, such as the public transport system… and the provision of youth allowance,” Park said.

Seoul is developing a blockchain master plan that will reportedly be completed and released next month.

“I’ve met blockchain companies,” Park said. “And I think our [Seoul-based] companies are not seeing the light because of the various regulations. First, it is the local government’s task to create cases and models. If the Seoul government releases certain regulations, it seems that it will be able to make the model more freely.”

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Blockchain or distributed ledger technology (DLT) is a digital register that records cryptocurrency transactions. It provides complete transparency and is secure because no-one can tamper with the transaction history. Without the blockchain, digital currencies like bitcoin, Ethereum and Ripple wouldn’t be possible.

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The Blockchain Insurance Industry Initiative (B3i) transitioned from a blockchain consortium to an independent legal corporation that plans to commercialize blockchain solutions it has developed and tested.

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You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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