Gangdong-gu Local Currency 'Gangdong Bitsal Money' Issued for 3 Billion Won

Published 05 Mar.2021 09:22(KST)

Updated 05 Mar.2021 09:23(KST)

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Per-person holding limit of 2 million KRW, up to 700,000 KRW monthly with 7% ongoing discount... From March, usage restrictions added for large entrance exam academies to strengthen support for small business owners

Gangdong-gu Local Currency 'Gangdong Bitsal Money' Issued for 3 Billion Won

[Asia Economy Reporter Park Jong-il] Gangdong-gu (Mayor Lee Jeong-hoon) will issue Gangdong Bitsal Money on the 8th to promote local consumption and increase sales for small business owners.

The issuance scale of Gangdong Bitsal Money this time is 3 billion KRW, and it can be purchased at a 7% discounted price up to 700,000 KRW per person per month. The holding limit per person is 2 million KRW.

Gangdong Bitsal Money is a rechargeable prepaid card-type local currency for those who have difficulty using mobile phones.

Residents who wish to use it can visit 10 branches of Gangdong Nonghyup, 3 branches of Dongseoul Credit Union, or 8 branches of Saemaeul Geumgo within the region, fill out a membership application form, and purchase it, or download and install the ‘GaeSeoul’ app on a smartphone registered in their name and purchase it.

It can be used at any registered merchant, but usage is not allowed in certain industries such as large marts and entertainment bars.

Starting from March, to strengthen support functions for small business owners, usage will also be restricted at general academies such as foreign language and entrance exam academies with annual sales exceeding 1 billion KRW, movie theaters affiliated with large corporations, and directly operated stores run by large or medium-sized enterprises (including franchise directly operated stores).

Lee Jeong-hoon, Mayor of Gangdong-gu, said, “I hope Gangdong Bitsal Money will help small business owners and the local economy struggling due to COVID-19,” and added, “Please use Gangdong Bitsal Money, which offers a 7% discount benefit and revitalizes the local economy.”