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Seoul to issue its own cryptocurrency

Photo: tripmydream.com

Seoul, South Korea is developing its own cryptocurrency, CoinDesk reports citing Seoul Mayor Park Won-soon.

By the end of April, they plan to draft the legislation, in future, they plan to organize a public foundation to support blockchain technologies and startups that are involved in it.

The new cryptocurrency is planned to be used for paying for city social programs.

As EADaily reported earlier, the only country with own cryptocurrency El Petro is Venezuela. It has issued 100mn tokens worth about $6bn. If the project shoes its viability, the country will print 44mn more.

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