The Seoul Metropolitan Government is creating S-coin to reward city residents for various activities
The city of Seoul plans to introduce a cryptocurrency, S-coin, as well as administrative services on blockchain in November this year. According to local media sources, the city government met with business reps in July and discussed details of the new technology, the launch of which was expected back in 2018, writes Coindesk.
Citizens will gain S-coins by taking part in public opinion surveys or paying taxes. Later the coins can be exchanged for a variety of bonuses. The government is also in the process of adding digital verification for its services and integrating blockchain when submitting e-documents.
Part-time and temporary workers will be able to sign simple agreements with employers using the new system. The latter can also track their work histories, and maintain time sheets.
In the future, the city of Seoul wants to launch other projects, connected with smart healthcare, donation management and online certificate verification. All the processes will be controlled by the city but operated by private enterprises.