Heo Seok, Suncheon Mayor Candidate, Aims to Revitalize Local Economy with Advanced "Blockchain-Based Local Currency"

Suncheon Sarang Gift Certificates to be Used Alongside Cryptocurrency

Combined with Community Banks... Even Intangible Labor Can Be Traded

[Suncheon=Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Heo Seok, a preliminary candidate for Suncheon mayor from the Democratic Party of Korea, has pledged to introduce blockchain-based local currency.

He plans to promote the use of the current local currency, Suncheon Sarang Gift Certificates, alongside a blockchain-based cryptocurrency.

Candidate Heo stated, “The local currencies currently used by most local governments nationwide are essentially just gift certificates,” and added, “Local currencies like the Suncheon Sarang Gift Certificates may have immediate effects, but there are issues with their sustainability.”

To address the drawback of local currencies not circulating like regular money and being limited to one-time use, he intends to review legal issues and promote the use of blockchain-based cryptocurrency instead of the Suncheon Sarang Gift Certificates.

Furthermore, the blockchain-based cryptocurrency is expected to be applied not only to tangible goods transactions but also to intangible value exchanges, such as mutual labor exchanges like pumasat (a traditional Korean cooperative labor system), enabling transactions based on mutual trust through cryptocurrency.

This new concept of local currency is anticipated to generate greater synergy if combined with the community bank that Candidate Heo has been promoting as the 7th elected mayor of Suncheon.

The community bank, which can be seen as a “bank for the underprivileged,” differs from commercial banks based on the Korean won by potentially using cryptocurrency as the local standard currency, serving as a bridge.

This approach is a rare idea globally, and if realized, it is expected to become the most advanced policy among local currencies.

Meanwhile, during Heo Seok’s 7th elected term as Suncheon mayor, the issuance of Suncheon Sarang Gift Certificates was expanded up to 150 billion won, playing a crucial role in revitalizing the local economy amid COVID-19 difficulties, and disaster relief funds ranging from 1 to 3 million won were provided to small business owners, actively supporting the local economy.