Daejeon City Lowers 'Ontong Daejeon' Purchase Limit from 1 Million Won to 500,000 Won

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City will lower the monthly purchase limit of the local currency Ontong Daejeon from the current 1 million KRW to 500,000 KRW.

According to the city on the 24th, the purchase limit adjustment will be applied starting next month.

Earlier, the city planned to issue 1.3 trillion KRW worth of Ontong Daejeon this year.

However, with 139.1 billion KRW issued last month and 98.8 billion KRW issued as of the 23rd of this month, the city expects the monthly target issuance amount of 108.3 billion KRW to be exceeded. There is a prospect that the originally planned issuance scale could be achieved ahead of schedule.

Therefore, to prevent the budget from being exhausted early and to ensure that Ontong Daejeon can be stably issued until the end of the year, the city plans to lower the monthly purchase limit per person.

However, the ‘cashback’ that accumulates 10% of the usage amount will be maintained.

Ko Hyun-deok, Director of the City’s Job and Economy Bureau, said, "With about 900 new Ontong Daejeon subscribers increasing daily and the average daily recharge amount reaching 6 billion KRW, there are signs that the annual issuance target will be achieved faster," adding, "The city will lower the purchase limit so that more citizens can enjoy the benefits of the local currency (such as cashback) for a longer period."

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