Seoul to Launch Cryptocurrency Rewards System for Public Service Use

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The capital city of South Korea is set to launch a rewards scheme for members of the public that participate in various public services. In addition, Seoul planners aim to introduce a range of blockchain services to increase accountability and efficiency of various administrative processes.

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According to a report from Korean blockchain media, and picked up by The News.Asia, the city of Seoul is planning to introduce a new cryptocurrency-like rewards system. S-coins will be awarded to citizens who participate in public services including paying taxes and participating in polls.

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Seoul Sees a Blockchain Future

Seoul will use the existing government payments network, ZeroPay. Already a QR-code-enabled network, the coins will be redeemable for goods and services via a mobile phone with no commission paid by the retailer.

In addition to the S-coins cryptocurrency rewards scheme, Seoul aims to overhaul other public services using blockchain technology. The article in TheNews.Asia details a digital document system that would allow citizens to submit qualifications to prospective employers without the use of paper documents.

The city also hopes to introduce a blockchain platform to manage records of part-time and temporary workers. This would allow for greater efficiency in time logging, as well as a streamlining of the contract process.

A Huge Proponent

Seoul reportedly plans to launch some of its new blockchain initiatives this November. There will also be additional blockchain-powered schemes coming to the city at an unspecified date. These will include smart healthcare and donation management systems.

It comes as no surprise to see the South Korean capital embracing blockchain technology and mulling plans to launch a cryptocurrency-like token to reward its citizens. According to a report by DataLight, cited by AtoZ Markets, the nation of just 51.5 million accounts for the third-highest cryptocurrency trading on the planet. It comes in just behind Japan and the USA in second and first places respectively. In fact, the technology is so popular in South Korea that local exchanges have witnessed several periods over the years where a large Bitcoin price premium has emerged compared with the rest of the world.

What do you think about the S-coin initiative? Will other cities follow Seoul’s lead? Let us know your thoughts in the comments below.

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A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

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