The Metropolitan Government of Seoul, South Korea, has issued a few letters of appointments to the Blockchain Governance Team so they integrate the blockchain technology into the city’s administrative services according to the crypto news coming from the blockchain networks company ICON.
The Blockchain Governance Team was formed by the Metropolitan Government itself, hoping to investigate the benefits of the blockchain technology across multiple areas in the administration including document verification and contract payment.
The team has approximately 100 participants between the ages of 20 to 75 including developers, corporate employees, and students in order to test the pilot version of the blockchain-based administration services. The team members should comment and provide recommendations until December 2020.
The Seoul Metropolitan Government chose the public blockchain of the firm ICON that will reportedly fight against falsification. The council member of the ICON Foundation and CEO of ICONLOOP, J.H. Kim said that the company hopes that it will see an increase in public blockchain use cases that are organized by the government and that the appointment letter issuance is a good starting point.
The Yeongdeungpo-gu administrative district in Seoul has announced back in January that it aims to strengthen the transparency in the administrative services by applying a blockchain-based system. The district also hopes to expand the system through the entire department as well as other districts and municipalities.
The same month, the Defense Acquisition Program Administration of South Korea (DAPA) launched a blockchain application pilot for the defense industry and the government ministry is now looking to provide grants for each project.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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