Daejeon Local Currency 'Ontong Daejeon' Launched... Commemoration Ceremony in the Old Downtown

Provided by Daejeon City

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The local currency of Daejeon, ‘Ontong (On通) Daejeon,’ has been officially launched. Along with the launch of the local currency, the Daejeon city government held a commemorative ceremony in the original downtown area of Jung-gu.

The city announced on the 14th that it held a launch ceremony for the local currency ‘Ontong (On通) Daejeon’ at Euneungjeongi Sky Road.

Ontong Daejeon was originally scheduled to be issued in July, but the launch was moved up by two months to revitalize the local economy, which had been stagnated due to the COVID-19 pandemic. The issuance scale was also increased from 250 billion KRW to 500 billion KRW.

Ontong Daejeon can be purchased by anyone aged 14 or older regardless of their address, with a monthly purchase limit of up to 1 million KRW.

Purchases can be made by downloading the ‘Ontong Daejeon’ app on a smartphone and applying through it, or by visiting a Hana Bank branch.

Usage is possible at all small business establishments in the Daejeon area that have credit card terminals. However, usage is restricted at department stores, large supermarkets, franchise directly operated stores headquartered outside the region, gambling establishments, and online payments.

The city will also run a cashback event of up to 15% for two months after the launch of Ontong Daejeon (ending early if the budget is exhausted). Additionally, a basic income deduction of 30% applies, and until July usage, an 80% income deduction is available according to national policy.

Ontong Daejeon supports mobile easy payments linked with Samsung Pay and LG Pay, resolving the inconvenience of carrying a physical card. For the Ontong Daejeon check card, transportation fare payments are also possible on public transportation (buses, subways) and taxis. However, since public transportation uses a postpaid transportation function, cashback is not provided.

It is expected to take about 2 to 3 days from applying for the card online through the Ontong Daejeon app to receiving it.

Mayor Heo Tae-jeong of Daejeon said, “Ontong Daejeon is a name combining the pure Korean word ‘On,’ meaning all or whole, ‘Tong (通),’ meaning communication and circulation, and ‘Daejeon (大錢),’ meaning a large amount of money. I ask for active use and participation so that Ontong Daejeon can become an icon of coexistence where local citizens and small business owners all live well together.”

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