The mayor of the South Korean capital Seoul announced recently while pitching for re-election in June that he will continue supporting the use of blockchain technology
The mayor, Park Won-soon, who’s been South Korea’s mayor since 2011 and currently seeking a third term in office, said that he will make sure to help the city’s district become a center for blockchain development, according to a report by Coindesk.
According to the city government is pushing for the establishment of six major new industrial complexes to foster innovation in Seoul.
“Park’s blockchain commitment, announced on May 20, pledges to turn one of the complexes – Mapo Fintech Lab – into a dedicated hub for fintech and blockchain development, making it the first proposal from the Seoul Metropolitan Government to support the nascent blockchain space.” Reported Coindesk.
The promised initiative follows the mayor’s remarks in April that the city would seek to apply blockchain technology across various public services, including municipal administration and government subsidy management, in a bid to increase convenience for the public and governance transparency, stated the report.
Park announced his plan to develop the city’s own cryptocurrency – dubbed “S-Coin” – which would be used in city-funded social benefits programs, sometime last week. The mayor also indicated at the time that Seoul could launch a dedicated fund to support the growth of blockchain startups.