Seoul City Gov’t Launches ‘Blockchain Governance Team’ for State Services

The Seoul Metropolitan Government has launched the Seoul Blockchain Governance Team to explore the benefits of blockchain in administrative services, Yonhap News reports Jan. 31.

According to the report, the members of the team are researching the potential of blockchain applications in various government services, including online voting system.

Specifically, the working group intends to address systems of integrated management, digital document verification and automatic sub-contract payment.

The team consists of 100 employees between the ages of 21 and 77, including developers, association executives, project makers, corporate representatives as well as students, Yonhap reports.

Earlier today, Cointelegraph reported that South Korea will continue to ban initial coin offerings (ICOs) in the domestic market. The country’s financial regulator the Financial Services Commission claimed that ICOs were making use of foreign jurisdictions, but still raising funds from South Korean residents.

Recently, South Korean fintech firm BxB launched reportedly the first stablecoin pegged to the Korean won. The cryptocurrency, KRWb, is allegedly pegged to the national currency at a 1:1 ratio, with tokens available to any user worldwide via an ERC-20 compatible service.