The mayor of the South Korean capital Seoul has pledged increased support for blockchain development as he pitches for re-election in June.
According to a report by CoinDesk Korea on Monday, Mayor Park Won-soon, who has occupied the position since 2011 and is seeking a third term in office, recently announced his commitment to helping the city's Mapo district become a center for blockchain incubation.
The report said that, currently, 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.
The promised initiative, according to the report, 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 bid to to increase convenience for the public and governance transparency.
Early last month, in an interview with CoinDesk Korea, Park also revealed his plan to develop the city's own cryptocurrency - dubbed "S-Coin" - which would be used in city-funded social benefits programs. The mayor also indicated at the time that Seoul could launch a dedicated fund to support the growth of blockchain startups.
Park Won-soon image courtesy of Hankyoreh
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Bitcoin Price Move Past $6.5K Would Boost Upside Potential
Against expectations, bitcoin (BTC) defended support at $6,000 over the weekend, opening the doors for a stronger corrective rally above $6,480.
Friday's drop below $6,240 (bear flag breakdown) had
XRP Cryptocurrency Now Down 90% From 2018 Price High
XRP, the world's third-largest cryptocurrency by market capitalization, fell to its lowest price of 2018 on Tuesday.
At 00:01 UTC, just after Monday's close, the cryptocurrency dropped to $0.27 cen
Bitcoin's Price Falls Below $6K to Near 2018 Low
The price of bitcoin fell below $6,000 on Tuesday, a move that brought the world's largest cryptocurrency within 2 percent of its 2018 low.
At press time, bitcoin is trading hands at $5,922, print
Korea's Jeju Island Seeks to Become ICO Hub Despite Domestic Ban
South Korea's Jeju island is seeking to become a free zone for initial coin offerings (ICOs) – a plan that, if approved, would allow crypto projects to conduct token sales in the self-governing provin
Square Expands Cash App Bitcoin Service to All 50 US States
Mobile payments firm Square now lets customers buy and sell bitcoins via its Cash App in all 50 U.S. states.
The company – which was co-founded by Twitter chief executive Jack Dorsey – announced th
Jamaica Stock Exchange to Trade Crypto Assets in 2018
The Jamaica Stock Exchange (JSE) will soon be offering cryptocurrencies as tradeable assets for clients.
The company said Tuesday that it had signed a memorandum of understanding (MoU) with blockch
Fantasy Football League to Raise $100 Million in Crypto ICO
A blockchain startup wants to raise nearly $100 million dollars to create a new form of fantasy football.
Called the Crown League, the project's owner told CoinDesk on Tuesday that it seeks to form
Goldman Sachs, JPMorgan Invest in Axoni's $32 Million Funding Round
Enterprise-focused blockchain startup Axoni has completed a $32 million Series B funding round led by Goldman Sachs and Nyca Partners.
Also participating in the round were Andreessen Horowitz, Citi