Busan Participation Solidarity, "Dongbaekjeon Points Used for Stockpiling Alcohol and Tobacco... Urging Improvement"

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Jonghyo] Busan Participation Solidarity urged Busan City to promptly improve the ‘Dongbaekjeon’ savings fund supported by taxes, claiming it is being used for hoarding alcohol and cigarettes.

‘Dongbaekjeon’ is a local currency issued by Busan City last month to prevent the outflow of regional funds and revitalize the local economy by increasing sales of small business owners and self-employed individuals.

Busan Participation Solidarity stated, “Some users are hoarding alcohol and cigarettes using Dongbaekjeon and even receiving savings benefits,” and argued, “The savings fund supported by taxpayers is being used for hoarding alcohol and cigarettes that harm citizens’ health.”

They also pointed out, “Busan City has not clearly defined the usage criteria, including some large franchise stores as targets for the local currency implemented to save small local businesses and alley markets,” and added, “Busan City should form a ‘Local Currency Policy Committee’ to improve the various issues pointed out so far and prepare measures for the establishment and revitalization of the local currency.”

In response, Busan City stated, “It is possible to restrict by industry through Busan City’s affiliated store data, but it is not possible to restrict by item,” and added, “It is difficult to restrict sales at convenience stores that are not liquor specialty stores.”

They further explained, “One of the most common industries among local small business owners is franchises,” and said, “Directly operated stores of large franchises, where most operating profits go to headquarters, are restricted, but individual franchise stores run by local small business owners are allowed because the profits come into Busan.”

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