As far as cryptocurrency and blockchain is concerned, South Korea has always been right at the front of the crowd, with some of the highest cryptocurrency trading volumes in the world. Recently, the trend has shifted to many countries now in plans of launching their own digital currencies. The most recent is that of Seoul, capital of South Korea, who is in the works of developing its own cryptocurrency known as the ‘S-Coin’. The mayor of Seoul, Park Won-soon, stated the potential uses of blockchain technology and how he has plans to improve and enhance the city’s foundation with it. This upgrading is right now planned for subway fares, electricity and environmental friendly solutions for conserving water and gas, etc. Seoul is planning to introduce these blockchain projects as early as April this year. While in the past South Korea has received a lot of attention from media due to their strict and harsh regulations on the cryptocurrency market, Seoul’s Mayor suggests that the increasing regulations are not the solution to a healthier blockchain development. According to crypto latest news, no further details were provided on the digital currency, Park added that this initiative is a primary unit of the Seoul’s ‘Blockchain master plan’ which is said to issue proper cryptocurrency regulatory instructions in order to promote a prosperous blockchain development district. He has also commented that he has met with many blockchain companies and believes that the nation’s companies are not attracting any positive attention due to the numerous regulations on the technology. So, by forming clusters that allow blockchain firms to accumulate and startups to introduce new technologies, they are thriving to improve and cultivate blockchain technology all across the globe. Considering if Park’s master plan succeeds, Seoul will become the largest city to implement its own digital currency, though; it might not be the first. It has been reported that Dubai is currently under development of its own blockchain-based cryptocurrency that goes by the name “emCash” - a legal proposition for public and private debts. Similarly, cities like Berkeley have started to hover over cryptocurrencies as potential solutions for digitizing their national currencies. By the looks of it, the concept of launching national digital currencies is gaining more and more popularity, which is not essentially a bad thing. It is because of initiatives like these that will help people become more familiar with the concept behind digital currencies. Ultimately, in the long run this will assist in setting the pathway for a larger worldwide cryptocurrency understanding and acceptance. Those interested in investing in cryptocurrencies, should get their hands on a decent crypto portfolio tracker to manage all their holdings. South Korea is one of the world’s most operational countries regarding the cryptocurrency market. Seoul’s aim is to try and change the legal framework that concerns these digital currencies in the country and append its digital coin successfully in the market. This further strengthens the idea that South Korea is preparing for a positive cryptocurrency and blockchain-friendly regulation in the near future.
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