Daejeon Local Currency Name Contest Selected as 'Ontong (On通) Daejeon'
[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 20th that among the proposals received through a naming contest, ‘Ontong (On通) Daejeon’ was selected as the name for the local currency.
The naming contest was held nationwide from the 26th of last month to the 3rd of this month. A total of 6,566 proposals were submitted.
Among them, ‘Ontong Daejeon’ is a compound word combining the pure Korean word ‘On,’ meaning all or whole, ‘Tong,’ meaning communication and circulation, and ‘Daejeon (大錢),’ meaning a large sum of money. The city explained that it signifies a local currency used by all Daejeon citizens and serves as a medium of communication.
With the local currency name decided, the city plans to finalize the brand identity (BI) and card design promptly and carry out promotional activities for the local currency.
The Daejeon local currency is scheduled to be launched in mid-next month. The local currency can be purchased via a smartphone app up to a maximum of 1,000,000 KRW per month.
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The city will provide up to 15% cashback when the local currency is used at small business establishments.
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