Another city is set to launch its own cryptocurrency.
In an interview with CoinDesk Korea, city mayor Park Won-soon presented his plans to launch Seoul’s own cryptocurrency.
During the interview, Mr Park said: “As Seoul is the world’s leading city in the field of information and communications, including the Fourth Industrial Revolution, I think we should study new technologies such as blockchains.”
Mr Park believes that blockchain technology will facilitate an easy city life for all residents and help state employees benefit from this new system. In fact, Seoul mayor forecasts to use blockchain in all public transportation and welfare programmes.
To emphasise his stance on Seoul national cryptocurrency city mayor Park Won-soon said: “I’ve met blockchain companies, and I think our companies are not seeing the light because of the various regulations. Actually, the technology is as advanced as any other country. By creating clusters that will allow blockchain companies to build up, and startups to develop new technologies, we are working to develop and spread blockchain technology around the world.”
The mayor confirmed with CoinDesk that plans are underway to launch Seoul digital currency. The city plan integrated blockchain in South Koreas capital city began in November 2017.
Contradicting government regulations and nations enthusiasm on cryptos.
Recently Prime Minister Lee Nak-yeon, of South Korea has been vocal about the surging popularity Bitcoin gained in recent months. His concern came to be in September when the government banned ICOs while in January he ceased all anonymous transactions in South Korea. However, South Koreas have not responded well to these set rules, with the majority of the population engaged in cryptocurrency mobile applications. In effect, South Koreans buy more the 20% of the world’s Bitcoin by trading volume.
Will the ban stop the population using cryptocurrencies?
Observers noticed a contradiction in the legislation since most South Korean banks provide its customers with crypto bank accounts. However, South Koreas have not responded well to these set rules, with the majority of the population engaged in cryptocurrency mobile applications. By banning ICOs the nation will still continue to invest and purchase cryptocurrencies.
Mr Park explained how the general public reacted to the South Koreans legislation of ICOs. He stated that: “The last time the Ministry of Justice announced regulatory measures, there was tremendous resistance, and the government seemed to think deeply about it.”
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