The capital of South Korea is planning to launch its own cryptocurrency, citing the local report.
As per CoinDesk report, Seoul is developing its own cryptocurrency,
The report of cryptocurrency website cited Seoul Mayor Park Won-soon.
The report also suggest that 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 utilized 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 city project will fly to its viability, the country will print 44mn more.