South Korea continues to be a hub of activity in the space of crypto, with Seoul’s announcement that it intends to launch its own regional cryptocurrency, the “S coin.”
Seoul’s announcement was made by Park Won-Soon, who also said he intends to create a healthier environment for the development of blockchain and virtual currencies in the city, as reported by the news outlet Hankyorech, March 30.
To prepare Seoul for the future of cryptocurrency and other blockchain tech, he will also draft the required foundational and legal frameworks:
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. … In order to make an S coin, we must prepare institutional and legal backing such as ordinances.
Park also stated the potential uses of blockchain technology to optimize the city’s infrastructure, like public transport and electricity, as well as utilities like water and gas management. Seoul’s blockchain projects are due to be introduced as early as April this year.
South Korea Could Relax Regulations
Additionally, Park remarked on the increasing number of regulations regarding cryptocurrencies, and suggested the idea of a freer regulatory landscape in future:
The last time the Ministry of Justice announced regulatory measures, it was a tremendous resistance, and the government seemed to think deeply about it. 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.
Cover Photo by Sunyu Kim on Unsplash
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