Park Young-sun: "Disaster Relief Payment of 100,000 Won per Seoul Citizen... in the Form of Digital Currency"

"Seoul Mayor's First Approval: 100,000 KRW per Citizen Distributed"
Distributed via Blockchain-Based 'KS Seoul Digital Currency'

"Distribution Analysis Enables Identification of Seoul's Vulnerable Areas and Consumption Patterns"
"Disaster Relief Funds Also Serve as Technology Investment for Seoul's Future"

[Asia Economy Reporter Oh Ju-yeon] Park Young-sun, the Democratic Party candidate for Seoul mayor, announced a pledge to provide a disaster relief fund of 100,000 KRW per Seoul citizen on the first day of candidate registration. She emphasized that the payment would be made using a "digital currency," distinguishing it from existing universal disaster relief funds. By distributing the relief fund through a blockchain-based digital currency, the circulation of the funds can be tracked and analyzed, which can be utilized for future policy planning. Candidate Park stressed, "This is not only a disaster relief fund but also a technological investment in Seoul's future."

Park Young-sun, the Democratic Party of Korea's candidate for Seoul mayor, holds a "Press Conference to Overcome the COVID-19 Livelihood Crisis" on the 19th at the election campaign office in Jongno-gu, Seoul. Photo by the National Assembly Press Photographers Group

On the 19th, Park held a press conference at the Anguk Building in Jongno-gu, Seoul, stating, "As the first official approval of the Seoul mayor, I will sign a plan to provide a universal disaster relief fund of 100,000 KRW per Seoul citizen, paid through the blockchain-based KS Seoul Digital Currency."

The 'KS Seoul Digital Local Currency' proposed by Park is similar to cryptocurrency in that it is issued and circulated electronically using blockchain technology. However, unlike cryptocurrencies that fluctuate wildly several times a day, it has no value volatility because it is guaranteed by the Seoul Metropolitan Government.

Additionally, it offers high convenience as payments can be easily made using only a smartphone, and it allows real-time collection of money flow data. This means that the distribution path of the disaster relief fund can be tracked after payment.

Based on these points, Park emphasized that this pledge is not merely a one-time "money distribution" policy but also has the character of a "long-term investment" in Seoul's future.

Park said, "Since the universal disaster relief fund is ultimately funded by taxes paid by Seoul citizens, returning this money to citizens exhausted by COVID-19 and using it as a catalyst to make Seoul a hub for blockchain and protocol economy will not only generate reinvestment effects but also create new jobs."

It is expected that about 1 trillion KRW in budget will be required to provide the 100,000 KRW disaster relief fund per person in the form of KS Seoul Digital Currency. The budget plan for this has already been analyzed.

According to the details announced by Park on this day, Seoul is estimated to have a net surplus of about 4 trillion KRW in revenue last year (3.4653 trillion KRW in the general account and 547.4 billion KRW in the special account), exceeding initial expectations. Park's team concluded that after excluding about 2.15 trillion KRW in statutory transfers such as education office, district offices, other account transfers, and the integrated financial stabilization fund from the general account net surplus, there is approximately 1.3153 trillion KRW in fiscal capacity. This is why they believe that providing 100,000 KRW per Seoul citizen as a disaster relief fund will not place a significant burden on Seoul's finances.

For those without smart devices who cannot receive digital currency, support will be provided in the form of cash payments, the traditional method.

Park said, "I understand that the smartphone penetration rate among Seoul citizens has exceeded 80%. However, for those without smartphones, we will provide the fund through traditional methods," adding, "We will take a phased approach by paying digital currency to those who have smartphones."

Park emphasized, "While spending 1 trillion KRW on universal disaster relief funds, we also considered increasing future value. Ultimately, the disaster relief fund will not only stimulate consumption among Seoul citizens but also represent Seoul's investment in blockchain, a new technology sector of the Fourth Industrial Revolution. Therefore, it will not end as a one-time disaster relief fund but will serve as a new catalyst for economic and technological investment toward Seoul's future."

Previously, Lee Hae-chan, former leader of the Democratic Party, mentioned the necessity of such disaster relief fund pledges ahead of the April by-elections.

The day before, Lee appeared on a radio program and said regarding the Seoul and Busan by-election pledges, "If it were me, I would gather festival costs, exhibition administration costs, and unused funds to distribute 100,000 KRW to citizens." He added, "We need to discuss sharing the difficulties caused by COVID-19 to make the election beneficial for citizens," and said, "(In Seoul's case) 200 billion KRW out of 1 trillion KRW will be recovered through VAT and other taxes, so the actual cost is 800 billion KRW. For Busan, with a population of 3 million, about 250 billion KRW would be enough to provide 100,000 KRW in local currency."

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