Skip to Content
Blockchain

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

This startup wants to copy you into an embryo for organ harvesting

With plans to create realistic synthetic embryos, grown in jars, Renewal Bio is on a journey to the horizon of science and ethics.

VR is as good as psychedelics at helping people reach transcendence

On key metrics, a VR experience elicited a response indistinguishable from subjects who took medium doses of LSD or magic mushrooms.

This nanoparticle could be the key to a universal covid vaccine

Ending the covid pandemic might well require a vaccine that protects against any new strains. Researchers may have found a strategy that will work.

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 customer-service@technologyreview.com with a list of newsletters you’d like to receive.