Gyeonggi Province's 'Local Currency Fraud' Nationwide Crackdown... Investigation Referral Planned

Disruptive Acts in the Distribution Order of Local Currency and Related Issues

[Asia Economy Reporter La Young-cheol] Gyeonggi Province, in cooperation with cities and counties, will conduct a comprehensive crackdown on the illegal circulation of Gyeonggi local currency until the 20th.

According to the province on the 1st, this measure comes in response to the increased use of local currency following the distribution of the 3rd Disaster Basic Income and the Coexistence National Support Fund, targeting illegal exchange, discriminatory transactions involving local currency, and more.

Acts such as reselling or lending disaster basic income or exchanging it for cash (commonly called 'Kkang'), suspected illicit franchise activities in marts and restaurants, and industries restricted from registration such as gambling businesses are also key targets of the crackdown.

Additionally, acts including receiving local currency without providing goods or services, accepting gift certificates exceeding the actual transaction value, exchanging fraudulently obtained gift certificates, refusing local currency payments, or demanding additional fees are included.

If any acts disrupting the circulation order of local currency are uncovered during the crackdown, offenders will be punished according to relevant laws.

Illegal sales and exchanges may result in fines of up to 20 million KRW, while refusal or obstruction of investigations related to violations may incur fines of up to 5 million KRW.

In particular, if serious illegal circulation such as large-scale 'Kkang' is suspected or confirmed, the case will be referred to investigative authorities.

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