The government in the South Korean capital of Seoul is going to launch its cryptocurrency S-Coin that will be used in funding municipal programs and projects for improvement, said mayor Park Won-soon.
According to him, by the end of April the government will announce details of the creation of the project of public Fund initiated with the aim of promoting projects based on the technology of the blockchain.
«Seoul is one of the cities who lead the fourth industrial revolution. Naturally, we study and invest in new technologies such as the blockchain», – he said.
Pak did not go into the technical details, but it became known that cryptocurrency will be used in projects of environmental protection and payments made to contractors for construction projects in Seoul.