Seoul Will Create Their Own Cryptocurrency Called S-Coin

S-Coin coming to Seoul

After South Korea banned ICOs in Korea, it seems the Korean government will create their own cryptocurrency called the S-Coin. The S-Coin will be used in city-funded social programs.  This was announced by the mayor of Seoul, Park Won Soon.

The bigger announcement was that the city of Seoul will be creating a fund to support the innovations in blockchain technologies and blockchain related startups.  It is becoming clear that Seoul wants to become the leader of information and communications.  Blockchain technologies can open new ideas and innovations.

The Korean government taking the lead when it comes to applying blockchain technologies to all government administrative processes.  Soon we will see blockchain technologies implemented in public transportation systems, welfare programs, electricity, water, and gas.

The Return of ICOs in Korea?

These are the early signs that the Korean government will start to regulate ICOs and cryptocurrencies in Korea.  They will need support from the startup community as well as use case studies to make this a blockchain ecosystem in Korea possible.

“I’ve met blockchain companies, and I think our companies are not seeing the light because of the various regulations. Actually, [the] technology is as advanced as any other country. By creating clusters that will allow blockchain companies to build up, and startups to develop new technologies, we are working to develop and spread blockchain technology around the world.” said Park Won soon.

Seoul seems to see a great long-term potential with blockchain.  Late last year they partnered with Samsung SDS for blockchain innovation.  All this is very different from the first reaction from the Korean government when it comes to cryptocurrencies and blockchain technologies.  In the beginning, there was a lot of fear.  Once the Korean government started to ban exchanges and ICOs the public fought back with strong resistance.

This is the Korean government started to learn more about this new technology in order to better regulate it.  It seems now they see the potential and they are doing what they can to incorporate this new technology to help better run Korea.

 

John Yoon

John Yoon is the Editor in Chief at Startup Radar, Organizer for Startup Festival 2017, and the Intl. BD Manager at 500v2. Email = john@startupradar.asia Wechat, Kakao, and Line user ID is jswy315

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