[Featured Stock] Galaxia Money, Governor Lee Jae-myung: "Economic Revitalization through Local Currency-Based Basic Income"

[Asia Economy Reporter Hyungsoo Park] Galaxia Money Tree is showing strong performance. It is interpreted that the stock price was influenced as Gyeonggi Province Governor Lee Jae-myung emphasized the importance of local currency.

At 10:14 AM on the 10th, Galaxia Money Tree was trading at 4,960 KRW, up 8.06% from the previous day.

The organizing committee preparing for the '2021 Korea Basic Income Expo' has officially launched. Governor Lee Jae-myung of Gyeonggi Province, who participated in the appointment ceremony the day before, said, "Basic income is essential not only as an economic policy and welfare expansion policy suitable for our reality, rather than a left-right ideological approach."

He continued, "Last year, we had the experience of providing the first round of disaster relief funds to all citizens in the form of extinguishable local currency," adding, "If this is implemented regularly, it can be called the Korean-style basic income, a local currency-type basic income."

He emphasized that it is necessary to alleviate polarization and expand structurally weakened total demand to enable a virtuous cycle in the market, and ultimately, the method that can satisfy both simultaneously is the local currency-type basic income.

Governor Lee's theory is that extinguishable local currency, despite low fiscal expenditure, has shown significant effects in improving income distribution and revitalizing the economy centered on neighborhood small businesses.

Regarding funding measures, he proposed to reduce the budget and utilize existing resources to implement it on a small scale. If the implementation results are deemed useful and the public overwhelmingly agrees, he emphasized that the basic income funding can be gradually increased in stages, including through tax increases in the long term.

Money Tree is an app that supports the government's simple payment method 'Zero Pay' and composite payments. Recently, with the activation of Zero Pay usage and the increase in issuance of mobile local love gift certificates, the number of Money Tree users has been increasing. The number of Money Tree users has rapidly grown from 10,000 in February 2017 to about 380,000 by the end of December 2017, and surpassed 2 million by the end of June 2020. It is expected to establish itself as a future growth engine for Galaxia Money Tree.