Seoul, South Korea’s capital and largest city, will have created its own virtual currency for its citizens by November. This is in line with the development of a Seoul Smart City first announced in October last year by the city’s mayor, Park Won-Soon.
The city held a blockchain workshop sometime last month and announced the new S-Coin among other developments for a blockchain-powered smart city. The cryptocurrency will be used in many ways, including as an incentive for citizens to be a part of the governing system and also encourage transparency.
The city of Seoul will award its citizens with the coins, for various activities ranging from the use of public services to performing certain activity like payment of taxes and wilfully taking part in public opinion polls.
The S-Coin will be part of a city-wide rewards system and spending will be set by the government, for specific uses cases – detailing where it may or may not be spent as well as in what quantities or regularity.
The city will also allow the S-Coins be awarded to children by their parents however they deem fit. Parents will also be able to set the coins for spending at specific stores, meaning it will not be usable at others. The programming can also specify that the coins be used only by children, so service will be denied if possessed by an adult.
Another State-Issued Virtual Currency
Earlier in July, the city of Busan, South Korea’s second largest, announced that it was looking to create its own virtual currency in partnership with Busan Bank. The cryptocurrency will be a stablecoin and pegged to the local currency.