Daejeon City to Launch Local Currency Early in May and Hold Naming Contest
[Asia Economy (Daejeon) Reporter Jeong Il-woong] The launch schedule for local currency in Daejeon has been moved up. This is to help the flow of funds in the local economy, which has been stagnated due to the spread of the novel coronavirus infection (COVID-19). A contest to recommend names for the local currency will also be held prior to its launch.
The Daejeon city government announced on the 17th that the local currency, originally scheduled to be launched in July this year, will be launched early in May. The local currency is expected to be issued in the amount of 250 billion KRW.
The city decided to launch the local currency early to support local small business owners and self-employed individuals who are facing management crises due to COVID-19. The plan is to facilitate the flow of funds by preventing the outflow of local capital outside the region and promoting consumption within the region.
Along with the early launch of the local currency, a naming contest will also be promoted. The city will hold an online contest for the local currency name from the 25th of this month to the 3rd of next month. To participate, applicants can download the proposal form posted in the announcement section on the city’s website, fill it out, and submit it via email to the person in charge. There are no eligibility restrictions.
After the contest deadline, the city will select the local currency name through a review process. Additionally, through the review, one grand prize winner (1,000,000 KRW), two excellence award winners (500,000 KRW each), and ten encouragement award winners (200,000 KRW each) will be selected and awarded prizes in local currency.
Detailed information such as the naming selection criteria, selection procedures, and precautions can be found on the city hall website. The results of the review will be announced next month.
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A city official said, “We hope that the issuance of local currency will strengthen the competitiveness of small business owners and revitalize the local economy,” and added, “We also hope that many proposals reflecting the characteristics of the Daejeon region and the meaning of a virtuous cycle economy will be submitted in the naming contest.”
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