South Korea, a country that is already well-known as a trading hub for cryptocurrencies, is taking its relationship with blockchain and cryptos a step further. The country’s capital and largest city, Seoul, is developing S-Coin, a cryptocurrency designed especially for municipal transactions, according to its Mayor Park Won-Soon.
During the interview, Park waxed eloquent about the applications of blockchain and cryptocurrencies to city government. He said blockchain technology could be applied to several city services and administrative tasks, such as public transportation systems and youth allowances for unemployed citizens. But he also sounded a note of caution about regulatory bottlenecks. "In order to make an S-Coin, we need to prepare institutional and legal support such as bylaws,” he said.
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