In an attempt to turn Seoul into a blockchain powered smart city, South Korea intends to introduce its own cryptocurrency in November. The South Korean capital intends to unveil a native city-wide cryptocurrency named S-coin, the aim of which will be to inspire citizens to partake in administration, enable cooperation between citizens, and gather information.
People will be awarded S-coins while utilizing public facility or complete their responsibility as a citizen by paying taxes and giving their opinion in public surveys.
S-coin is designed to be programmed by the government, facilitating authorities to determine precisely when and how much is allowed to be spent, and also the frequency of spending.
One of the S-coin use cases involves rewarding it to children, coding the coin for redeeming it at pre-determined stores, and allowing to be spent only by children.
The government supposedly anticipates that S-coin will act as an asset, which can influence on people’s behavior and building a smart city.
Of late, Busan, which is South Korea’s second most-populous city, has opted for a domestic cryptocurrency. By introducing a local cryptocurrency, Busan hopes to accelerate local economic growth and also secure a dominant position in blockchain innovation.
In late July, South Korea’s President Moon Jae-In opined that regulatory innovation with regard to blockchain technology is currently a query of survival.
Moon said:
“While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields.”
Moon further stated that developing real world use case of blockchain to safeguard personal information will give a better international presence for South Korea, while blockchain apps in finance will immensely contribute to the revival of South Korea’s economy.
