Sejong Local Currency Launch a 'Hit'... Expectations for Regional Economic Revitalization

[Asia Economy (Sejong) Reporter Jeong Il-woong] The local currency 'Yeominjeon' issued by Sejong City has gained popularity, recording sales of 7.9 billion KRW from citizens within just one month of its launch.

According to the city on the 6th, as of the 2nd, a total of 31,805 Yeominjeon cards have been issued.

This accounts for nearly 12.4% of the total adult population in the region, which is 256,592 as of March, meaning that 1.2 out of every 10 adult citizens in the area have obtained a card within one month of Yeominjeon's launch.

With Yeominjeon gaining popularity since its release, the city plans to sell a total of 30 billion KRW worth of local currency to regional citizens by June.

Additionally, the 'Cashback (10%) Event' commemorating the launch of Yeominjeon, initially scheduled for one month last month, will be extended for three months until June 30. This strategy is based on the intention to revitalize the local economy, which has been stagnant due to recent infectious diseases, through the use of local currency.

However, considering the rapid increase in Yeominjeon card users and daily sales, the city plans to set and operate monthly issuance limits to ensure stable sales and continuous revitalization of commercial districts.

The monthly issuance limits have been set at 6.4 billion KRW (sold out) last month, 8.8 billion KRW this month, 8.8 billion KRW next month, and 6 billion KRW in June. If the monthly limit is exceeded, Yeominjeon cannot be purchased during that month.

The city also plans to continuously encourage participation in Yeominjeon usage among public institutions and companies to overcome the COVID-19 crisis.

Lee Chun-hee, mayor of Sejong City, said, “I hope the issuance of Yeominjeon will help both small business owners and citizens who are struggling due to the spread of COVID-19.”

This content was produced with the assistance of AI translation services.