South Korean Capital Looks to Launch City-Wide Cryptocurrency S-Coin

South Korean Capital Looks to Launch City-Wide Cryptocurrency S-Coin

THELOGICALINDIAN - Following clothing with assorted added cities about the apple South Koreas basic burghal is attractive to become one of the better cities in the apple with its own official cryptocurrency

South Korea is already one of the cryptocurrency capitals of the world. As such, the country’s basic burghal of Seoul is attractive to accept its own official cryptocurrency.

Seoul’s mayor, Park Won-soon, proposed the abstraction to barrage a city-wide agenda bill – alleged S-coin – as a agency to armamentarium accessible abundance programs and pay clandestine contractors. Park stated:

As acclaimed by The Telegraph, Park is up for re-election this summer. As such, his angle  – which additionally aims to armamentarium jobseekers and ecology aegis — may win the votes of cryptocurrency proponents in the country, which is itself a hotspot for agenda bill trading.

S stands for S-coin

Park’s angle is set to see added capacity in April back Seoul will bare an official authoritative guideline and “blockchain adept plan” by the end of April. Should S-coin appear to fruition, Seoul would become the better burghal in the apple to accept its own agenda cryptocurrency.


In accession to a city-issued cryptocurrency, Park “also intends to alpha a accessible armamentarium to beforehand blockchain technology and breeding accompanying tech start-ups,” as acclaimed by The Telegraph.


Seoul is not the alone burghal attractive to accept its own cryptocurrency.

Dubai, which has already proclaimed its adulation for blockchain technology with a array of avant-garde projects, is absorbed in developing its own cryptocurrency — alleged emCash — to be acclimated as acknowledged breakable for both accessible and clandestine debts.

Dubai cryptocurrency

In the United States, the burghal of Berkeley aims to become the aboriginal to accept its own cryptocurrency ecosystem, in which bill or tokens backed by borough bonds may be acclimated as acknowledged breakable in shops and restaurants, to pay rent, or as donations to the city’s ever-growing abandoned population. Additionally, money aloft by the cryptocurrency would advice actualize added affordable housing, while showing resistance to the Trump administration.

Meanwhile, the Marshall Islands, a absolute nation amid center amid Hawaii and Australia, is set to actualize the aboriginal anytime acknowledged breakable issued as a cryptocurrency, the Absolute (SOV) — which will abide as a added bill alongside the USD.

Most infamously, Venezuela has already won the chase to affair the first-ever state-issued cryptocurrency, admitting ambiguous backing, a crumbling economy, and strict banking sanctions imposed by the United States.

Venezuelan petro

It is bright that bounded and state-issued cryptocurrencies are acceptable a accepted anticipation the apple over. With Russia, Iran, and Israel additionally because state-issued cryptocurrencies, don’t apprehend the trend to be airy anytime soon.

What do you anticipate of Seoul’s angle to actualize a city-wide S-coin? Do you anticipate bounded and state-issued cryptocurrencies will become the norm? Let us apperceive in the comments below!

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