Bucheon City Strives to Maintain 10% Local Currency Incentive and Expand Issuance

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province is actively working to expand the issuance and activation of the local currency 'Bucheon Pay.'

First, to maintain the 10% incentive, the city plans to secure external funds such as national subsidies and expand the issuance of Bucheon Pay by discovering various policy issuance projects in cooperation with all departments and partner organizations, similar to the current practice of paying various welfare allowances with local currency.

Additionally, to promote Bucheon Pay, the city will link with Bucheon City's KakaoTalk channel, implement events to boost sales in local alley markets, conduct promotions in connection with local festivals, and benchmark excellent local governments.

Furthermore, the city has decided to improve factors hindering the activation of Bucheon Pay by revising ordinances, proposing relaxation of sales restrictions, and conducting on-site crackdowns on illegal distribution.

A satisfaction survey conducted in the first half of this year targeting Bucheon Pay merchants showed that 99% responded that it "helps revitalize the local economy," and 95% said it "helps increase sales for small business owners," demonstrating high satisfaction.

Mayor Jo Yong-ik of Bucheon said, "As the complex economic crisis following COVID-19 continues, the difficulties faced by small business owners are intensifying," adding, "We plan to pursue various measures to expand Bucheon Pay promptly to stabilize the livelihood economy."