The Seoul Metropolitan Government has launched the Seoul Block Chain Governance Team to explore the benefits of the blockchain in administrative services, reports Yonhap News on January 31.
According to the report, team members are investigating the potential of blockchain applications in various government services, including the online voting system.
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Specifically, the work team intends to address the integrated management systems, the digital verification of documents and the automatic payment of subcontracts.
The team consists of 100 employees between 21 and 77 years old, including developers, association executives, project creators, corporate representatives and students, reports Yonhap.
Earlier, Cointelegraph reported that South Korea will continue to ban initial coin offers (ICO) in the domestic market. The country’s financial regulator, the Financial Services Commission, said the ICOs were making use of foreign jurisdictions, but still raised funds from South Korean residents.
Recently, the South Korean fintech company BxB launched the first stablecoin linked to the Korean won. The cryptocurrency, KRWb, is supposedly linked to the national currency in a ratio of 1: 1, with tokens available to any user around the world through an ERC-20 compatible service.