Seoul to introduce its cryptocurrency

We are all praying and looking forward to the adoption of cryptocurrency by everyone. The blockchain itself brings a lot of solution to the crisis currently experienced in so many parts of the world. It is a thing of joy to know that there are plans from the South Korea city of Seoul to introduce its cryptocurrency. The cryptocurrency will be known as the S-coin. The S-coin will be used to perform several administrative services on the blockchain. According to local media, the municipality met business representatives in July and discussed the details of the new technology.

Seoul to introduce its cryptocurrency: Use case

There are different use cases that the Seoul coin will offer to its users. One of the ways citizens can earn the coin is by participating in surveys or by paying taxes. Apart from that, the crypto coins can later be exchanged for different bonuses. The government is also working on implementing digital verification for its services and integrating blockchain when submitting electronic documents.

One other factor that is worth mentioning is the fact that Part-time employees can easily sign agreements with their employers through this system. The system will also keep track of work history and time schedules.

The city plans to launch other projects that use blockchain technology in the future. For example, it intends to implement healthcare technology. Furthermore, it would also like to make online verification of certificates possible with the help of blockchain.

The city will oversee all these processes, but private companies will manage them. The only unclear thing about this Seoul to introduce its cryptocurrency is when the S-Coin cryptocurrency will be launched currently unclear.

Conclusion

I am excited to know that countries are getting more involved in the blockchain technology. Blockchain is the future, and I would advise you to get on board today.

You can also check out our article on how the Binance data leaks, Litcoin dusting attack, Bitcoin hits 85% circulation and how to earn cryptocurrency through trading and airdrops.

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