Residents of the South Korean capital will soon use a city-funded cryptocurrency called S-Coin for everything from subway rides to kids’ allowances — part of a master plan to create a comprehensive blockchain bureaucracy in Seoul.
“As Seoul is the world’s leading city in the field of information and communications… I think we should study new technologies such as blockchains,” Seoul Mayor Park Won-soon recently humble-bragged to CoinDesk.
If you can’t beat ’em, coin ’em
As recently as 4 months ago, South Korea vocally opposed blockchain for fear that North Korea would keep using it to pick their pockets — and they went as as far as considering taxing crypto-speculation and banning crypto accounts for minors.
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