Seoul will launch the local digital currency S-coin

The authorities of the South Korean city of Seoul intend to launch the first administrative services based on the blockchain in November, reports CoinDesk with reference to local media.

As part of the city blockchain system, it is planned to issue S-coin, a token that Seoul residents will be rewarded for using public services, for example, for paying taxes or participating in public opinion polls.

Subsequently, they will be able to exchange S-coin for points, which they can use when paying for goods and services using the ZeroPay system. It was created by the Seoul authorities in December last year and allows payment by smartphone.

In addition to introducing S-coin, by November it is planned to launch a service for submitting documents based on the blockchain, as well as add the possibility of digital identification when using public services to a Seoul resident’s card.

By the end of the year, a blockchain program to protect the rights of part-time workers should also be launched. It is designed to simplify the signing of contracts with employers, as well as help track the history of employment and keep track of working hours.

It is worth noting that despite the fact that blockchain services will be controlled by the authorities, private companies will manage them.

Recall that a five-year development plan for the blockchain industry was presented in Seoul in October last year, and the creation of S-coin was discussed in the spring of 2018.

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