Gyeonggi Province Launches Crackdown on Illegal Circulation of Local Currency

Gyeonggi Province is launching a crackdown on the illegal circulation of local currency.

Gyeonggi Province announced that from May 11 to June 7, it will conduct a joint inspection to prevent the illegal use and circulation of Gyeonggi Local Currency.

During this period, the province will organize inspection teams in 31 cities and counties. Priority will be given to inspecting merchants suspected of illegal activity, based on cases detected by the Fraud Detection System (FDS) and reports filed with the Illegal Circulation Reporting Center.

The main targets of the crackdown are Gyeonggi Local Currency merchants. This includes: ▲unlawful receipt or illegal exchange of local currency without the sale of goods or provision of services; ▲use of local currency in restricted industries such as gambling and entertainment establishments; ▲refusal to accept local currency payments; and ▲discriminatory acts such as refusing to issue cash receipts, among others.

If violations of Articles 8 and 10 of the current "Local Gift Certificate Act" are uncovered, measures such as cancellation of merchant registration, on-site guidance, imposition of fines, and recovery of unlawfully received amounts will be taken.

Namgoong Woong, Head of the Regional Finance Division at Gyeonggi Province, said, "Gyeonggi Province will continue to strengthen inspections to ensure the fair operation of local currency," and added, "We hope this inspection will help prevent illegal circulation and enhance the function of local currency."

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