Seoul authorities consider local cryptocurrency

Posted 07 August, 2019

The authorities of Seoul has reportedly expressed intentions to launch first blockchain-based administrative services this November.

According to the local media reports, Seoul's authorities are considering the launch of S-coin in the city blockchain system. The token is said to be used as a reward system for usage of state services (tax payment or public surveys participation).

Once collecting tokens, Seoul residents will be able to exchange S-coin for points that can be spent on payments via ZeroPay.

For reference, ZeroPay was launched in Seoul last December.

It was also mentioned that the authorities also plan to launch blockchain-based service for document submitting as well as add an option of digital identification while using state service into the resident card of Seoul. 

Seoul is striving to boost its administrative tools. A blockchain system for the protection of part-time employees is expected to become effective by end-2019. The system is designed to soften the process of contract signing with employers.

The media report highlighted that the city authorities will supervise blockchain-based services, though they will be run and managed by private companies.

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