In a bid to transform into a blockchain smart city, Seoul, South Korea is aiming to launch its own digital currency by Nov 2019.

To facilitate engagement within the city’s governance

As Finder, Australian finance-focused media outlet reported on Aug. 7, the South Korean capital is trying to release a native city-wide digital currency dubbed S-coin, the objective of which can be to encourage citizens to participate in governance, facilitate cooperation between citizens and collect info.

People can receive S-coins once using public services or fulfill their citizenship obligations like paying taxes and taking part in publically surveys. S-coin is set to be programmed by the govt, enabling authorities to decide in actual detail once it can and can't be spent, still as in what quantities and frequencies.

One of the S-coin use cases permits parents to administer it to their kids as rewards, whereas programming the coin to be redeemable for specific treats at certain stores and to be spent solely by kids. Thegovt supposedly expects that S-coin can function an instrument of influence on people’s behavior and developing a smart city.

Recently, South Korea’s second-most-populous city after Seoul, Busan, set to launch a local cryptocurrency. By provision a local digital currency, the town expects to revive the local economy, still on secure a number one position in blockchain development.

Blockchain may be a “question of survival”

In late July, South Korea’s President Moon Jae-In stated that regulative innovation relating to blockchain technology is currently an issue of survival. Moon said:

"While regulative innovation within the era of the industrial enterprise was a matter of choice, it's currently an issue of survival as we are experiencing the fourth technological revolution, characterized by fusions across industries and fields.”

Moon included that creation genuine use cases for blockchain to protect individual information adds to a greater worldwide nearness for South Korea, though blockchain applications in account can enormously add to the recovery of the nation's economy

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