Gwangmyeong City Temporarily Expands Gwangmyeong Love Currency Usage to Businesses with Annual Sales of 3 Billion Won or Less Until August

Gwangmyeong City in Gyeonggi Province announced on April 28 that it will expand the eligible businesses for Gwangmyeong Love Currency usage to those with annual sales of 3 billion won or less until August.

Gwangmyeong City Temporarily Expands the Use of Gwangmyeong Love Currency to Businesses with Annual Sales of 3 Billion Won or Less Until August. Photo by Gwangmyeong City

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This measure was decided through a resolution by the Gyeonggi Province Local Currency Review Committee, with the aim of reducing confusion arising from the differing usage locations between high oil price relief funds and local currency, and to actively participate in policies aimed at economic recovery for residents.

As a result, even businesses that exceed the previous eligibility standard for affiliated stores (annual sales of 1.5 billion won) will be granted Gwangmyeong Love Currency affiliate status during this period if their annual sales are 3 billion won or less, without any separate application process. This will enable the local currency to be used at a wider variety of locations.

However, restricted industries such as gambling businesses and entertainment venues are excluded from this expanded application.

Further details can be found in the 'Gyeonggi Local Currency' app.

Choi Hyemin, acting mayor (vice mayor) of Gwangmyeong City, said, "We hope that this measure will increase local spending and add vitality to the economy," adding, "We will continue to implement policies for the stabilization of livelihoods and economic recovery in the future."

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