During an interview with CoinDesk Korea, Mayor Park Won-soon announced the initiation to create a cryptocurrency for the South Korean city of Seoul. The city will soon be developing its own cryptocurrency – the “S-Coin.” The cryptocurrency is set to play a significant role in city-funded social benefits programs- according to Park Won-soon. Park also shared his intentions to encourage the development of industrial clusters and potent startups that will function or promote the use of blockchain technology.

Park Won-soon stated, “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 block chains.”

Similar to Estonia, which is endeavoring to utilize blockchain innovation to all legislature regulatory procedures, Park believes that the blockchain can be connected to every bureaucratic organization in Seoul, for example, the general population transport framework worked by Seoul City and the arrangement of youth allowance. Besides, Park demonstrated that the S-Coin could be utilized as a transaction technique for city-financed welfare programs for open representatives, youthful occupation searchers, and natives helping the earth by sparing power supply, gas, and water.

Specifically, Park focused on Seoul’s readiness to issue money. He stated that to influence an S-coin, we have to develop institutional and lawful help, such as local laws. He also said that he would attempt to change different rules and controls of the central government. He gave eco-mileage that gives monetary advantages to subjects sparing power, water, and gas, youth recompense to help youngsters who are looking for occupations, open representative welfare focuses. The organization is additionally thinking about plans to apply blockchains to its frameworks.

This is required to be incorporated into the blockchain end-all strategy of Seoul, which will be completed in April. In November, a year ago, the Seoul Metropolitan Government (Samsung SDS) has been entrusted with building up a data technique design (ISP) for the Seoul City blockchain-based local development. This is the initial phase in setting up a guide for the presentation of a blockchain among local government and open foundations.

At the point when a city chooses to issue its own local currency, there is a considerable measure of inquiries holding up to be replied. On account of S-Coin, the money will be utilized for different ideas all through Seoul. As a matter of first importance, the new coin will be used to pay for public transportation. It is additionally an installment strategy for city-subsidized projects and environmental projects.

This attracts a few likenesses to how Bitcoin is functional as a part of Zug’s economy. All things considered, S-Coin will be controlled by the city chamber of Seoul, as opposed to being decentralized cryptographic money. Specific technological details of S-Coin stay hard to get at the current moment. It stays hazy which blockchain will be utilized to issue this money or how high the aggregate supply will be.

Possible Effects on Bitcoin

Given South Korea’s significance in the realm of Bitcoin and cryptographic forms of money, the dispatch of S-Coin is somewhat interesting. These monetary standards won’t contend with each other given the current aspects. S-Coin is constrained in usefulness to Seoul, while Bitcoin utilize traverses South Korea completely. The two types of significant worth can without much of a stretch exist together in the capital city.

The majority of this further affirms South Korea is getting ready for real digital currency and blockchain direction. With the administration inclining toward presenting another tax collection system for these financial standards, Bitcoin and altcoins keep on gaining authenticity. These new tax assessment rules will become effective in June of 2018.

It isn’t the first run through a city chooses to issue its own local cryptocurrency. In the UK, the town of Hull as of late propelled HullCoin. It appears this idea is catching public interest, which isn’t really a terrible thing. Activities like these assistance individuals get more familiar with the concept of digital monetary forms. Over the long haul, it might just make ready for more prominent worldwide digital currency acceptance.

Regional sources report S-Coin will be presented sooner or later in April of 2018. The up and coming dispatch of this money will without a doubt draw in a considerable measure of consideration. In conjunction with S-Coin, the city of Seoul additionally needs to set up a fund to help nearby blockchain ventures. This expanded spotlight on more up to date advancements has all the earmarks of being of impressive enthusiasm to chairman Won-soon too.

Park likewise said he wants to cultivate a blockchain environment. He said that he met blockchain organizations, and thinks that their organizations are not seeing the light due to several different directions. He also added that all things considered, innovation is as cutting edge as any other nation. “We are planning to create clusters where the start-ups we want to build up, and how they can develop the technology and spread the funds to the world,” he said.

Concerning government’s solid administrative strategy on ciphered cash, Park stated, “The last time the Ministry of Justice announced regulatory measures, it was tremendous resistance, and the government seemed to think deeply about it.”  Park also added later, ” 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.”

Park, a standout amongst the most compelling government officials in Korea, who is most inspired by the blockbuster innovation, will challenge out of the blue among the Seoul showcase in the elections decisions hung on 13th June.