As South Korea really begin to nail down their stance on cryptocurrencies and crypto-regulation, we are seeing new news this week coming straight from a Mayoral candidate in the upcoming Seoul mayoral elections. Running for a third term in office, Mayor of Seoul, Park Won-soon is turning to cryptocurrencies to ensure he secures the votes he needs, to continue running affairs in the capital.
Now as I have mentioned, South Korea are very much in the limelight at the moment with regards to cryptocurrencies. As a country with a huge trading volume and a large number of exchanges, South Korea are looking to establish fresh new regulations that are most probably going to follow the footsteps of Japan, in ensuring that the cryptocurrency and blockchain industry is still able to flourish, yet in a safe and more controlled way.
Park Won-soon wishes to capitalise on improvements to Seoul’s infrastructure in which six brand new industrial complexes will be built. In order to secure votes, Park Won-soon is promising to turn one such industrial complex into a Fintech lab, designed for blockchain development and for further research into cryptocurrencies and blockchain start-ups. Moreover, in April this year, Park Won-soon had promised to utilize blockchain technologies within the cities major public transport links and within other public services, such as commerce and healthcare.
What are the implications of this?
Well, should Park Won-soon achieve another period in office, we could very well see a huge boost to the cryptocurrency and blockchain revolution in Seoul. As the capital of South Korea, it also seems likely that any technological advancements that happen here, would in turn be transferred to smaller cities and regions, meaning that in essence, the re-election of Park Won-soon, could be what South Korea needs in order to see huge changes made and positive movements from the industry on South Korean shores.
Furthermore, with the government and various authorities wishing to establish cryptocurrency regulations and of course, the Central bank of South Korea wanting to create its own cryptocurrency, a third term in office for Park Won-soon could be quite beneficial to the entire crypto-community on the whole.
The local elections in Seoul will take place on the 13th of June 2018, after this point. As a result of Park Won-soon’s comments, we could indeed see some changes take place within the markets close to this time. For now, we will have to wait and see what happens.