The Capital City of South Korea to Introduce Its Cryptocurrency

The-Capital-City-of-South-Korea-to-Introduce-its-Cryptocurrency

The Government of Seoul is planning on launching its cryptocurrency to use in the beneficial programs funded by the city. It will be called the “S-coin”. According to a report, the city is also going to begin its first administrative services based on a blockchain system later this year in November.

Specifics of the products’ release along with their goals and timelines were determined at a conference held in July which was attended by representatives and officials of the private sector.

This is a clear sign that trading cryptocurrencies will again undergo drastic shifts. With many countries like the US and Russia trying to put a lid on the assets, South Korea, much like Japan is about to stir the industry.

The conference was successful in reviving the scheme of cryptocurrency and blockchain administration which witnessed no further actions after being announced for the first time in the late half of last year.

There have been set three priority tasks to be completed by the deadline in November. First, the introduction of the city’s blockchain system along with providing S-coins to avail public services.

The coins will be provided as rewards. For example, reward S-coins will be generated for paying taxes on time and active participation in public opinion polls.

The blockchain will be available to use by the city-government funded QR-code-supported network founded in last December. It doesn’t charge any merchant commission when customers purchase goods and services via their phones.

Besides redeeming S-coin, the blockchain administration will also be used for the submission of paperless documents. To increase the Seoul Citizen Card by the use of blockchain to allow digital authentication to avail public services. This is the second priority task to be completed by the November deadline.

The rights program for part-time workers is the third priority set by the Seoul government to get up and running by the end of the year. This will also be supported by the blockchain administration which will enable aspiring part-time employees to sign contracts with employers, record and keep track of their job histories and preserve timesheets.

Along with that, the blockchain system will also make it easy for the citizens to register properly for the four main social insurance programs of the country. Other than that, programs that are included but do not have to be completed by the end of the year are donation management, smart healthcare, and online certificate verification.

Although the services of the blockchain system will be administered by the Seoul government, they are to be run by private enterprises.

The Seoul government had discussed applying the blockchain strategy for a considerable amount of time now with last October witnessing the announcement of Blockchain City Seoul Promotion Plan. Whether S-Coin will become a reality and if it will become available for trading on systems like the Bitcoin Loophole, remains to be seen.