The Seoul Metropolitan Government has launched the Seoul Blockchain Governance Team to explore the advantages of blockchain in administrative services, Yonhap News reports January. 31.

According to the report, the members of the team are researching the potential of blockchain applications in various government services, as well as on-line voting system.

Specifically, the unit intends to handle systems of integrated management, digital document verification and automatic sub-contract payment.

The team consists of 100 employees between the ages of 21 and 77, together with developers, association executives, project makers, company representatives as well as students, Yonhap reports.

Earlier today, Top Market Group  reported that South Korea can still ban initial coin offerings (ICOs) in the domestic market. The country’s monetary regulator the financial Services Commission claimed that ICOs were creating use of foreign jurisdictions, however still raising funds from South Korean residents.

Recently, South Korean fintech firm BxB launched reportedly the primary stablecoin pegged to the Korean won. The cryptocurrency, KRWb, is allegedly pegged to the national currency at a 1:1 ratio, with tokens offered to any user worldwide via an ERC-20 compatible service.

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