Seoul, South Korea’s capital, and the largest city, will create its own virtual currency by November. This follows the announcement by Park Won-Soon, the mayor of Seoul, last October about the creation of a Seoul Smart City.
A blockchain workshop was held in the city last month. The new S-Coin was announced, along with other developments that will make it a blockchain-powered smart-city. The cryptocurrency will be used in many different ways. It can be used as an incentive to citizens to participate in the governing system, and it can also be used to encourage transparency.
Seoul will award the coins to its citizens for various activities, including the use of public services and performing certain activities like paying taxes or taking part in public opinion surveys.
The S-Coin is part of a city-wide reward system. Spending will be determined by the government for specific uses. This will include details about where and how often it can be spent.
Parents will be able to award the S-Coins to their children in any way they choose. The coins can be used only at certain stores by parents, so they will not be available at other shops. Programming can also allow for the restriction that coins may only be used by children. If a person is able to possess them, service will be denied.
A Different State-Issued Virtual Currency
In July, the second-largest city in South Korea, Busan announced it was planning to create its own virtual currency with Busan Bank. The cryptocurrency will be stablecoin and tied to the local currency.