South Korea Wants to Reward People That Show Good Behavior With Crypto

South Korea Wants to Reward People That Show Good Behavior With Crypto

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From the moment we are born and, in some cases, while we are still teenagers, our parents tell us that if we behave correctly and don’t give them a hard time, they will get us a reward. With that goal in mind, we proceed to stop yelling or fighting, or whatever we are doing wrong, right?

Well, the authorities at Seoul, the capital city of South Korea, plan to do a similar thing with their citizens. As cryptocurrencies have become mainstream and nearly everybody wants to be a holder and engage in online crypto trading, the mentioned city has come up with a plan to create a reward system.

Recognizing and Rewarding

China came up with a similar project recently, and now, the South Korean capital seems ready to apply it. The system is based on reward points: the idea is to recognize when people behave in a correct, proper way and give them a prize for it.

Governmental authorities want their citizens to behave in a certain way, or to be more specific; they prefer to keep things safer and quieter in the city: avoid criminal activity at all costs and promote a healthier and more sustainable lifestyle. That is why Seoul will reward people that can coexist in concordance with the authorities’ expectations.

Such a system needs the proper infrastructure and resources to function. After all, the government can’t perform surveillance on every step a citizen takes. Because of that, it will use data from companies and employers to make the reward system function, as well as work records.

Redeemable Tokens

The rewards will come in the form of tokens that are going to be accessed through a QR code. People will be able to redeem their coins for several prizes or things, such as goods and services in the city of Seoul.

A prominent crypto news site has reported in recent hours that the projected date for the first deadline could be November, so there is a possibility that the plan will come to fruition before the end of the year.

The Project: More Details

To be more specific, the leaders of the project explained that there were some things they wanted to achieve by the time November comes. They said that the city of Seoul would introduce the proprietary blockchain system, and people in the metropolis will get S-coins for using public services. The points they can accumulate will be redeemable for rewards, and among the services that will generate coins are tax payments and taking part in public opinion polls.

Leaders observed that they want Seoul to have its part-time workers’ rights program enabled and active before the calendar turns to 2020. The system, based on blockchain technology, will facilitate contract signatures between employers and part-timers, as well as keeping a record of specific things and help them sign up for South Korea’s major insurance programs.

Therefore, people that do the right things in Seoul will be able to buy things with cryptocurrencies provided by the authorities.

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About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.