Seoul Plans to Launch Its Own Cryptocurrency

Seoul Plans to Launch Its Own Cryptocurrency

April 19, 2018 Off By dan saada

Seoul, South Korea’s capital, approve its own cryptocurrency. The plan for creating the S-coin disclosed by the city’s mayor, Park Won-soon. He said that it could serve as an excellent payment mechanism to supply most public welfare programs as well as pay different private contractors.

Mr. Park told CoinDesk Korea that Korea is one of the leading cities when it comes to the Fourth Industrial Revolution. He likewise added that it is just natural to study or even invest in blockchain new technologies.

Mr. Park, who will still stand for re-election this 2018, said that when cryptocurrency is launched, it could also be utilized as a payment tool in funded welfare programs for environmental protection and young job seekers. It could also be useful in paying some construction projects in the near future.

By the end of this month, he would release a guideline with a blockchain master plan. He also intends to start a fund for the advancement of blockchain technology and other related tech start-ups. It would really help innovate technology in the cryptocurrency industry.

Whether the plan goes well or leads to a great success, Seoul with 25 million population would be classified the largest city to utilize its own cryptocurrency. Without a doubt, the world of blockchain has become a necessity in these present times.

Nevertheless, there are some global cities that may beat the city off the starting block. Based on the report on CNN.com, Dubai has been developing emCash, commonly known as a digital currency. According to the site, it would be employed for both private and public debts.

Aside from that, Berkeley in California has also taken advantage of the incredible uses of cryptocurrencies. It uses blockchain technology as a solution for tokenizing municipal bonds. Over the past few years, cryptocurrency has been performing beyond Berkeley’s expectations or goals.

Not only that, the Marshall Islands has already embraced cryptocurrency. As a matter of fact, it has likewise passed legislation that would help the entire island nation launch its first and very own digital currency. Its main purpose is to phase out the long years of reliance on the US dollar. Even though the plan is not going to be easy, the people believe that their dreams would be a reality along the way.

There are also other countries in different parts of the world that has been coming on board despite some reported, circumspect reasons. To name a few, Iran, Venezuela, and Russia have been accused of planning to utilize cryptocurrency for them to avoid economic sanctions from the international court.

Venezuela’s Petro has been rated as a fraud by a wide array of sites all over the internet. It is an oil-backed cryptocurrency that has only been created to deceive or scam users of all ages. Based on reviews from reliable rating websites, it is a project that misses much critical and needed information. People across the globe are advised to be careful about all these things.

 

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