Seoul’s mayor, Park Won-soon

South Korean capital Seoul mulls “S-Coin” tokens and blockchain-based government

South Korea has been at the forefront of the blockchain movement, with some of the highest density of cryptocurrency traders anywhere in the world. Now, as the frenzy around cryptocurrency prices recedes (Bitcoin is around $7350 right now, down from a high of almost $20,000 last December), the country is starting to consider the more utilitarian aspects of blockchain that might not immediately lead to riches.

Seoul’s mayor, Park Won-soon, discussed the city’s plans to launch what is currently being dubbed the S-coin in an interview with CoinDesk. In his vision of the program, the coin could be used for subway fares, as well as “a payment method for city-funded welfare programs for public employees, young job seekers and citizens helping the environment by saving electricity, water and gas.”

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