South Korea has always been at the forefront of technological development but its capital’s recent initiative to adopt a city-wide cryptocurrency was definitely not what some people were expecting.
Seoul has a goal to become a smart city as fast as possible, where pretty much everything will be digitalized. When compared to the rest of the world’s standards, it’s safe to say that the only competitor that South Korea has in terms of digital economy adoption in Japan, the rest of the world is still lagging behind.
The coin will be dubbed S-coin which will be rewarded to citizens who pay taxes on time and participate in surveys to bolster data gathering methods for the city’s authorities.
The coins will be redeemable based on the products that will be programmed into them. For example, the city suggests that parents give it to their children as rewards and program them to purchase only a small set of items.
The addition was quite a surprise as everybody was expecting Busan to be the country’s crypto capital, but should Seoul introduce its own crypto it’s obvious who will be able to overtake who in terms of volume.
Furthermore, this news comes in the wake of South Korea’s desire to introduce a crypto regulation that would cover any and all crypto exchange located in the country. These two announcements are definitely in correlation with each-other as South Korean authorities are starting to see not only the dangers but the immense potential of the blockchain for a modern society.