The city of Seoul is in the process of issuing its own special digital currency called S-coin. Word has it that it will be released for use sometime this month.
Apparently, the new digital currency will be used for public transportation payments as well as serving as the payment method for environmental projects and city-funded programs.
The S-Coin will be managed and regulated by the city council of Seoul, instead of acting as a decentralized cryptocurrency. There is not a whole lot of information right now about the technical aspects and features of the digital coin, and it remains unclear which blockchain will be utilized to dole out the currency. Also unknown is how many coins will be in supply.
The impending launch of this digital currency will, most likely, garner lots of interest. Along with S-Coin, the city of Seoul wants to establish a fund to support local blockchain projects. Mayor Won-soon appears to be very interested in focusing on newer technologies.
South Korea plays a critical role in the Bitcoin and crypto world, making this S-Coin launch especially interesting. However, it doesn’t appear as though these currencies will be in competition with one another. Bitcoin is used throughout South Korea, whereas S-Coin is limited in functionality to Seoul. Both digital currencies can co-exist in the capital city quite easily.
This information seems to further cement the idea that South Korea is getting ready to instill positive cryptocurrency and blockchain regulation. The government is leaning toward establishing a new taxation framework for digital currencies, while Bitcoin and altcoins continue to rise in popularity. The new taxation guidelines are scheduled to go into effect by this summer.
This is certainly not the first time a city has established its own cryptocurrency. Hullcoin was recently launched in the city of Hull, located in the UK. As more and more cities jump on the crypto train, perhaps the world will see the adoption of cryptocurrency on a much larger and more serious scale.