Sejong Yeominjeon Sales Exceed 100 Billion Won...Significant Contribution to Revitalizing Local Commercial Areas

[Asia Economy (Sejong) Reporter Jeong Il-woong] The local currency Yeominjeon surpassed 100 billion KRW in sales just seven months after its launch. Above all, about 80% of the sold local currency was actually used, contributing to the revitalization of the local commercial district, according to an analysis.

According to Sejong City on the 6th, Yeominjeon has sold 105.4 billion KRW as of the 5th of this month since its launch in March. This amount includes 102.3 billion KRW purchased by citizens and 3.1 billion KRW from policy issuance such as welfare point purchases by public institutions inside and outside the city.

During the same period, the usage amount of Yeominjeon was 85.6 billion KRW, which is 81.2% of the total issued amount, actually used in the local commercial district. The city analyzes that this helped support the commercial district, which was depressed due to the novel coronavirus infection (COVID-19).

Another factor for Yeominjeon's success is the active participation of citizens. Currently, out of 276,767 adults aged 15 and over in Sejong, about 91,000 people have signed up for the app to purchase and use Yeominjeon. This means that one out of every three adults is using Yeominjeon.

In line with this, the city expanded the monthly purchase limit per person to 1 million KRW starting from the 21st of last month. Additionally, by extending the 10% cashback payment period, which was scheduled until last month, to the end of the year, the city plans to increase citizens' utilization rate of Yeominjeon.

The city plans to issue Yeominjeon at a level of 30 billion KRW per month until the end of this year and maintain the 10% cashback payment. If the current trend continues, it is expected that the issuance target of 180 billion KRW for the second half of this year will be sold out.

Lee Chun-hee, mayor of Sejong City, said, "There is sufficient issuance volume secured until the end of the year," and added, "I hope that more citizens will use the local currency and that the local economy will regain vitality through this."

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