By Cho Se-yong, Park Si-soo
Seoul City plans to float its own cryptocurrency, tentatively named S-Coin, that could be used in city-funded welfare programs, said mayor Park Won-soon.
The city will release a regulatory guideline, along with a "Blockchain master plan" by the end of April. The mayor also plans to launch a public fund to help advance blockchain technology and nurture related startups.
Park unveiled the plan in a recent interview with Coindesk Korea, a Korean news outlet specializing in cryptocurrency and blockchain issues.
"Seoul is one of the cities that are leading the Fourth Industrial Revolution," Park said. "So it's natural (for the city) to study and invest in new technologies such as blockchain."
He said the cryptocurrency, if launched, could be used as a payment tool in city-funded welfare programs for public officials, young jobseekers and environment protection. The mayor also said he was considering paying contractors of Seoul's construction projects with the cyber currency. He did not give further details.
Seoul City hired Samsung SDS in November to find ways to make its administration friendly to blockchain technology. Seoul is the nation's first municipal government to take a step of this kind.
Park will seek a third term as mayor in the June elections.
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