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16:08 09.08.2019
2019-08-09
Neironix
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Seoul is planning to release its own cryptocurrency S-coin

Seoul will release its native cryptocurrency S-coin in November, 2019. Citizens will be able to earn coins using the public services to exchange them for bonuses in future. It’s also expected that in at the same time with the cryptocurrency release, it will appear the server on a blockchain base for the exchange of documents.

As reported by CoinDesk, referring to the local news sources, in July in Seoul a series of meetings with business representatives was held, where the plans to implement blockchain technology were discussed. Three basic directions for the further development were determined on the outcomes of the conferencies, which are due to be finished by November. 

It is expected that the system of public points will be introduced, and Seoul citizens will be able to get the cryptocurrency S-coin, rewarding for using the public services. It will be possible to exchange it for different bonuses in future. Tax payment and participation in surveys are services which generate this national cryptocurrency. 

Authorities are getting ready as well to add an electronic authentication for the public services to integrate blockchain in the system of sending documents. 

By the end of the year Seoul will most likely have launched its program for the protection of the Rights of Workers in part-time jobs. The blockchain-based system will allow part-time workers to sign a simple contracts and maintain a timesheet. It will also help them to sign in correctly in four basic social security programs. Its purpose is to improve trust and relations between small companies and employees.

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