Home » Seoul to Introduce Cryptocurrency for Citizen Rewards

Seoul to Introduce Cryptocurrency for Citizen Rewards

Seoul Metropolitan Government will launch blockchain-based administrative services in November. The city’s blockchain points system will alow residents of Seoul to receive S-coins for the use of public services. Services that generate the coins include paying taxes and participating in public opinion polls.
news - Seoul to Introduce Cryptocurrency for Citizen Rewards

Seoul Metropolitan Government will launch blockchain-based administrative services in November. The city’s blockchain points system will alow residents of Seoul  to receive S-coins for the use of public services. Services that generate the coins include paying taxes and participating in public opinion polls.

The point system will integrated with ZeroPay, a city-government sponsored QR-code-enabled network established last December. Customers can pay for goods and services via their phones with no merchants commissions.

As previously reported , the South Korean city of Seoul will implement blockchain technology in its citizen cards. According to Park Won-soon, the mayor of Seoul, the technology will be used in collecting urban and administrative data, which will be useful to figure out where to provide new services for the city and its community.

The use of blockchain technology is not new to the city. Seoul already uses this technology in a number of its administrative services, including providing mobile e-voting as well as its use in car sales.

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As a reminder, back in February, the Seoul Metropolitan Government announced plans to put over $1 billion in blockchain and fintech startups by 2022. Recently, South Korea’s financial regulator, the Financial Services Commission, authorized nine fintech companies to operate in the country as part of a regulatory sandbox.

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