South Korea’s Capital Seoul Plans to Release its Own Cryptocurrency by November

Seoul Welcomes Native Cryptocurrency

The capital city of South Korea, Seoul, is aiming to become a blockchain smart city by releasing a native cryptocurrency this year in November, the local crypto news outlet Blockinpress reports.

South Korea has following plans to put in place by November:

  • To Make its national blockchain ID system a valid document, which will be accepted by the public services.
  • To launch a blockchain network for managing part-time workers’ contracts, work history, finances and insurance etc.
  • To release a native S-coin cryptocurrency that will be used to reward citizens for using public services and for being an active citizen.

A native cryptocurrency is a great way to incentivize the citizens for a desirable contributing behavior. It can be used to encourage citizen participation in governance and to facilitate data gathering.

Rewarding active citizens with the S-coin cryptocurrency when they vote or partake in the city’s activities can give them a sense that their vote and voice matter. The websites where citizens can be incentivized to give their suggestions or make proposals, which can be then voted on by others, are also a great way to promote active citizenship. Popular proposals can go to the public discussion forums, where government and the private sector can take a look at them.

In smart cities like Seoul, information of citizens is of great importance. But it is difficult to commission surveys and make citizens take those surveys to provide their data. However, the attitudes towards sharing one’s data with the government varies depending on the purpose it is for. People can feel good about sharing if the information is needed for some useful public service. But if the purpose of data collection is not clear or it is something that doesn’t directly benefits the citizens, they will not be happy to share.

Rewarding the citizens with digital coins when they voluntarily share their data can be an excellent way to encourage data sharing. It can also make the citizens feel that the provision of information which is needed by the government, is kind of a civic duty.

Crypto to Encourage Data Sharing Without Violating Privacy

The data can include working hours of citizens, air quality of an area, or any other information needed by the government. Government can act as a secure database which collects data from its citizens and then makes it available for the public use in a way that does not violate anyone’s privacy.

Experimenting with a real currency can be very risky because it is accepted everywhere and it is hard to restrict access or alter its prices. Therefore, using a digital currency built on blockchain technology as an incentive is the best option.

A city-sponsored cryptocurrency is not a new thing. Belfast in Northern Ireland and Liberstad in Norway have already rolled out their own city cryptocurrency as part of an endeavor to encourage involved and caring attitude by the city’s citizens.

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