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Seoul Mayor Pledges Blockchain Boost in Re-Election Push

Seoul mayor Park Won-soon is pledging to focus on blockchain innovation as part of his campaign pitch for potential re-election this year.

By Wolfie Zhao
AccessTimeIconMay 22, 2018 at 11:00 a.m. UTC
Updated Sep 13, 2021 at 7:58 a.m. UTC
Seoul mayor

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

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.