The city of Seoul is considering the launch of a native Crypto
The endeavor is part of a Blockchain Smart City development
South Korea is one of the biggest crypto markets & the most innovative economy in the World, and it was only last month when its second-biggest city of Busan announced its intention to launch a crypto project in the form of a stable coin in collaboration with BNK Busan Bank. The city is also a front runner in the upcoming establishment of a blockchain regulation-free zone in the country.
Seoul, the biggest city of Korea is now planning its own native digital coin dubbed as the S-coin with a November launch timeline. Like similar projects initiated around the world in different cities, the digital coin would be primarily used as a means of transaction to uplift the local economy and as a rewards mechanism. The city aims to achieve the following by November.
❶ S-coin — A native citywide cryptocurrency
❷ City public services to accept national blockchain ID system
❸ Streamlining the Part-time work industry via a blockchain system
The digital currency would be backed by the Korean Wan — the national fiat currency. And No, it is not traditional crypto technically, since it would be programmed by the government who will decide the scope & use cases for the digital coin. Nonetheless, it is an important step in the evolution of the smart city concept which is evolving at a blistering pace in an innovative & techno-friendly nation like South Korea.
Some of the common use cases that S-coin might serve is paying of public services via the digital coin, getting rewarded for fulfilling citizenship obligations and collaborating activities among the residents of the city.
With more than half of the country’s population (~10 million) living in Seoul having the most cutting edge tech infrastructure and the fastest internet connection in the World, Projects as this can act as a model for other aspirants to the smart city transformation.
In related news, South Korea’s Ministry of Finance is planning to launch its blockchain-based platform for unlisted securities in the latter part of 2019. The project will be backed by Koscom — the Korean exchange.
Talking about tech development, South Korea is home to some of the major crypto/blockchain projects, one of which is Xank — a free-floating cryptocurrency project with a Stable pay option & investment value with an expected main net launch in 2020.
Before I sign off here are some of the other citywide digital coin projects that I wrote about earlier — Calgary Dollar, Belfast Coin, and Vienna token.
