South Korea’s Capital Seoul To Introduce Its Own Cryptocurrency Soon

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One of the well-known countries which are famous for cryptocurrencies trading is South Korea. Now the country in taking further steps in it’s with blockchain and cryptos. As per the report, Seoul, capital of the country and its largest city is now on its way to introduce its cryptocurrency named S-Coin. It can be used in for multiple transactions. The city Mayor Park Won-soon informed about this during an interview with Coindesk Korea.

Also Read: South Korea Use Payments System Based On Cryptocurrency

Mayor Park also stated that application for blockchain and cryptocurrencies had been sent to the city government. He informed the blockchain technology can be used for various city services and administrative related tasks. For example, it can be used in public transportation systems and youth allowances for those citizens who are unemployed. Besides these, he also stated about some legal rules for this. Park stated, “To make an S-Coin, we need to prepare institutional and legal support such as bylaws.”

Talking about importance blockchain, now the demand for cryptocurrencies is increasing rapidly and with this many state government and cities have started testing them boost its operations and services. For those smart cities who use technology fixes for any problems and to offer services, blockchains are important for them. For instance, a few months ago Dubai launched its cryptocurrency named EmCash. As per government official gave the statement, EmCash can be used for government and non-government services, payment for utility bills, school fees, money transfer and for coffee.

Also Read: Japan’s Largest Bank Launched Its Own Cryptocurrency

Both cryptocurrencies and Blockchain can modify provisioning and implementation of social services. For instance, recipients of South Korea’s youth allowance program needed to submit the receipts and reports which should inform about their allowance uses. Using the decentralized ledger, blockchain and public it can eliminate the work process and lead to a more transparent transaction. On the other side, blockchain will track the initiative’s eventual success or failure.

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