Capital of South Korea will launch own cryptocurrency
The South Korean city of Seoul is developing its own cryptocurrency - the "S-Coin".
According to CoinDesk, the currency will be used in social benefits programs.
Mayor Park Won-soon announced the city will create a fund to support the advancement of blockchain technology. He noted that blockchain can be applied to all bureaucratic administrations in Seoul including public transport system.
S-Coin could be used 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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