Seoul which is the capital city of South Koreas may soon have its digital coin if the city’s mayor Park Won-soon succeeds in his attempts to launch S-Coin. According to ark who is seeking to be elected as a mayor for the third time, S-Coin will be very useful as a payment means in the Korean capital which will help in the funding of public welfare programs or even for compensation of private contractors.
According to the mayor:
“Our city Seoul is one of the cities which are leading the Fourth Industrial Revolution. For that reason, it’s very important to study and invest in all available new technologies which include Blockchain.”
Even though Park did not give any further specifics of S-Coin, he stated that the initiative was part of the city’s Blockchain master plan which will help the city publish regulatory guidelines on digital currencies and also devote public resources towards the growing blockchain development sector. If the plan by the mayor becomes true, then Seoul will become the largest city to adopt its own digital currency.
The city will be following footsteps of Dubai which is already developing a blockchain digital currency known as emCash which will act as a legal tender for both private and public debts. Other cities which have also floated the aim of using their own digital currencies include Berkeley and CA which are aimed at tokenizing municipal bonds.
The move to join the growing cryptocurrency market has also seen several governments come in like the case with Venezuela which developed its own cryptocurrency called Petro. More to that the Islands of Antigua and Barbuda are already working towards developing their own cryptocurrency exchange platform. In general, many governments are working towards using blockchain to digitize their own fiat currencies.
For the sake of Venezuela, the launch of Petro was mainly geared evading US sanctions as well as raising funds for the seemingly broke nation which is having a financial and economic crisis. Other countries which are working on developing their own cryptocurrencies to avoid sanctions are Turkey and Iran. It seems many countries are preferring digital currencies to reduce their reliance on the US dollar with Marshal Islands developing their own cryptocurrency to avoid the reliance on the dollar.