Chungnam, Establishes 'Metropolitan Platform' Integrating Local Currency Platforms

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province is set to establish the nation’s first regional currency ‘Metropolitan Platform.’ The metropolitan platform integrates the previously separate platforms used at the city and county levels into a single app, allowing users to selectively utilize them.

On the 28th, the province announced that it will promote the ‘Chungnam Regional Currency Metropolitan Platform Construction Project’ in collaboration with the Korea Minting and Security Printing Corporation.

The construction of the metropolitan platform will be advanced following the selection of the Minting Corporation as the priority pilot operator.

According to the pilot operator selection, both organizations will strengthen cooperation for stable platform operation and mutually collaborate to establish a cooperative system among the province, the corporation, and cities/counties for the development of Chungnam regional currency, as well as to enhance policy allowances and additional services linked to the Chungnam regional currency.

In particular, the two organizations will build a metropolitan platform that integrates and operates four regional currency platforms currently used in Chungnam: Kona I (Cheonan), KT (Gongju), Enjoy Works (Buyeo), and the Minting Corporation (12 cities/counties).

The core idea is to maintain the four platforms as they are while linking them with the metropolitan platform led by the Minting Corporation, enabling the use of each platform within the metropolitan platform.

Additionally, the province will be able to monitor the real-time issuance and circulation status of regional currency through the metropolitan platform app.

Moreover, the app will enable the production of big data and provide lifestyle convenience services such as delivery, shopping, and policy allowances all through a single app, improving administrative efficiency and allowing immediate response to suspicious cases of fraudulent distribution such as abnormal transactions.

Last year, Chungnam issued regional currency worth 1.4056 trillion KRW, and the regional economic effect through this is analyzed to reach 3.5 trillion KRW.

Yang Seung-jo, Governor of Chungnam Province, stated, “Regional currency plays a positive role in creating a virtuous economic ecosystem by preventing income generated in the region from leaking to other areas and supporting sales of small business owners. The province will establish the metropolitan platform as the first in the nation to ensure that regional currency can settle more stably in daily life.”

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