Song Young-gil: "We Will Return 1 Million Won Each to Seoul Citizens from Guryong Village Development Profits"

"'Seoul Coin', a Stable Digital Asset Backed by Tangible Assets"

Song Young-gil, the Democratic Party of Korea candidate for Seoul mayor, is visiting Buk Seoul Dream Forest in Gangbuk-gu, Seoul on the 29th, appealing for support. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Hyun-joo] Song Young-gil, the Democratic Party of Korea's candidate for Seoul mayor, introduced his pledge to distribute 1 million KRW per citizen from part of the development profits of Guryeong Village in Gangnam, Seoul.

On the 29th, Song posted on his Facebook, "We will return the real estate development profits that the government and developers used to take to the citizens," adding, "We will return 10 trillion KRW of the expected profits from the Guryeong Village development to 10 million citizens, giving 1 million KRW per person."

This is a pledge related to the Guryeong Village development that Song has emphasized since the past. Guryeong Village in Gaepo-dong, Gangnam-gu, Seoul, known as "Seoul's last shantytown," has seen urban development projects delayed for several years.

Earlier, on the 18th, at a press conference, Song announced a pledge to issue 'Seoul Coin' based on real assets to distribute profits related to the Guryeong Village development. His plan is to raise 9 trillion KRW for the Guryeong Village development from Seoul citizens by issuing Seoul Coin and distribute half of the 27 trillion KRW development profits, 13.5 trillion KRW, to the investing citizens.

On the 25th, he explained the profitability of Seoul Coin. Through a speech on KBS1 radio, he said, "We will create a coin exchange so that it can be immediately converted into cash. Calculating the development profits of the 150,000-pyeong Guryeong Village yields about 27 trillion KRW, and if half of this is returned to citizens, about 1 million KRW can be distributed per person," emphasizing, "Due to the platform effect, the 1 million KRW coin could rise to 2 to 3 million KRW."

Regarding the safety of Seoul Coin, he stated, "It is fundamentally different from virtual currencies like Luna, Terra, Bitcoin, and Ethereum. It is a stable digital asset backed by real assets," emphasizing, "We will provide opportunities for our younger generation to invest with peace of mind and build wealth."