Lee Jae-myung's 'Local Currency' Gains Nationwide Momentum... Passage of Law Punishing Illegal Distribution
[Asia Economy (Suwon) = Reporter Lee Young-gyu] With the National Assembly establishing punishment regulations for the illegal circulation of local currency, the nationwide expansion of local currency, a key project promoted by Gyeonggi Province Governor Lee Jae-myung, is expected to gain momentum.
Gyeonggi Province announced on the 30th that the "Act on the Promotion of Local Love Gift Certificates," which includes legal grounds to punish illegal circulation of local currency, passed the plenary session of the National Assembly on the 29th.
This bill stipulates that a fine of up to 20 million won can be imposed on those who handle the storage, sale, or exchange of local love gift certificates without entering into an agreement with the head of a local government. It also specifies that local governments can establish funds for the purpose of issuing and operating gift certificates.
The province had previously pushed for the enactment of a basic law, citing the lack of legal grounds for punishment while issuing local currency only under provincial and city/county ordinances and Ministry of the Interior and Safety guidelines. In particular, it repeatedly visited the National Assembly, government, and Blue House to propose the necessity of enacting the Act on the Promotion of Local Love Gift Certificates.
Governor Lee Jae-myung also requested the early enactment of the "Act on the Promotion of Local Love Gift Certificates" to prevent illegal circulation of local currency at the "Democratic Party-Gyeonggi Province Budget Policy Council" held in November last year.
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A provincial official expressed, "We welcome the passage of the 'Act on the Promotion of Local Love Gift Certificates' by the National Assembly," adding, "With the establishment of management and punishment grounds for illegal circulation, active and systematic issuance and circulation management will be possible, allowing local currency to establish itself as a representative consumption means for revitalizing the local economy."
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