South Korea Launches Its Own Cryptocurrency

The coin to be issued by November this year will become part of the smart city concept, which is planned to be implemented in Seoul.

The South Korean capital is planning to issue a local cryptocurrency – S-coin – which will encourage citizens to participate in the city’s life more actively. People will receive S-coins for using public services, participation in public polls and other activities. The blockchain will be controlled by the government, which will determine the terms and conditions for spending the coins.

One of the possible scenarios provides that S-coins could be sent by parents to their children. The new payment means can be programmed so that it can be used to pay for certain goods at specific institutions only. The country's authorities expect the blockchain to serve as an instrument of soft influence on the behavior of its citizens and an important part of the smart city.

South Korea is one of the countries extensively implementing blockchain at all governance levels. The country’s second largest city Busan has recently launched its own coin.