Skip to Content

The city of Seoul dreams of its own government-backed cryptocurrency

April 3, 2018

The mayor of Seoul, South Korea, Park Won-soon, has said that the city wants to create “S-Coin,” which could be used as a payment method for city-funded social programs, according to CoinDesk.

Big blockchain dreams: Cryptocurrency trading is already extremely popular in South Korea, and S-Coin is part of a larger vision for Seoul. Last year, the city hired Samsung SDS, a subsidiary of Samsung that offers technical consulting services, to help it come up with a strategy for “blockchain-based municipal innovation,” according to CoinDesk.

But first: Park says certain local laws need to be changed before S-Coin can launch.

GovCoins: Seoul’s cryptocurrency ambitions echo those of Estonia, which has floated the idea of an “estcoin.” The idea also sounds a bit like what the city of Berkeley, California, is trying to do by “tokenizing” municipal bonds. Expect this approach to keep getting more popular as a means of financing government initiatives.

Keep up with the fast-evolving world of cryptocurrency with Chain Letter, our twice-weekly newsletter. Subscribe here. It’s free!

Keep Reading

Most Popular

A Roomba recorded a woman on the toilet. How did screenshots end up on Facebook?

Robot vacuum companies say your images are safe, but a sprawling global supply chain for data from our devices creates risk.

A startup says it’s begun releasing particles into the atmosphere, in an effort to tweak the climate

Make Sunsets is already attempting to earn revenue for geoengineering, a move likely to provoke widespread criticism.

10 Breakthrough Technologies 2023

Every year, we pick the 10 technologies that matter the most right now. We look for advances that will have a big impact on our lives and break down why they matter.

These exclusive satellite images show that Saudi Arabia’s sci-fi megacity is well underway

Weirdly, any recent work on The Line doesn’t show up on Google Maps. But we got the images anyway.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at with a list of newsletters you’d like to receive.