Tuesday, April 3, 2018

Cryptos gaining some Seoul as South Korea's capital city looks at creating own sovereign cryptocurrency

We have already seen a few nation states begin to look into, or even implement their own sovereign cryptocurrenices.  But now we can add a municipality into the mix as South Korea's capital city is mulling over adding some Seoul to the crypto sphere.

One of the world’s largest cities may soon have its own cryptocurrency, at least if Seoul Mayor Park Won-soon succeeds in his bid to launch “S-Coin.” 
Park, who will seek a third term as mayor in the June elections, told CoinDesk Korea that S-Coin — as the cryptocurrency is tentatively named — could be used as a payment mechanism in the South Korean capital to fund public welfare programs or compensate private contractors. 
“Seoul is one of the cities that are leading the Fourth Industrial Revolution,” Park said, according to a translation in the Korea Times. “So it’s natural (for the city) to study and invest in new technologies such as blockchain.” 
Though he did not give further specifics on S-Coin, Park said that the initiative is a core component of the city’s new “Blockchain master plan,” which will see the metropolis publish clear regulatory guidelines on cryptocurrency and devote public resources toward cultivating a thriving blockchain development sector. - CCN
One of the more interesting things that could occur from the cryptocurrency phenomenon is the fact that the world could potentially expand into having both national and localized cryptos functioning in a given economy.  And it would not be dissimilar to how it was in the U.S. prior to the Constitution when each state printed their own currencies under the Articles of Confederation, or when the nation had numerous territories that used different scripts printed from whichever Wildcat bank functioned in that area. 


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