S-Coin:Seoul Plans to Launch a Cryptocurrency by November

According to a report by the local newspaper Blockinpress.com cited by several specialized media, the South Korean capital, Seoul, plans to launch a cryptocurrency by November.

Support from the public administrations

Already in 2018, Park Won-soon, the mayor of Seoul, announced his intention to move a dozen administrative services on the blockchain by 2022. A project estimated at more than 100 billion won, or about 75 million euros.

Also, the city is currently developing a future blockchain identification system currently being developed by a consortium of major South Korean companies, including the giant Samsung.

Seoul also wants the public administrations to support this project; moreover, the city is left until November to set up its blockchain infrastructure for the management of employment and insurance contracts.

Actually, as part of its smart city project, Seoul plans to use blockchain in several public services and reward its citizens with a digital coin called S-Coin.

S-Coin digital tokens will be distributed to the citizens of the big city when they use services or participate in public initiatives and can then be redeemed for rewards.

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