Hwaseong-si to Issue Local Currency Worth 500 Billion Won Next Year... Largest Scale Among Basic Local Governments

Incentive Increased to 10%, Purchase Limit Expanded to 700,000 Won
Mayor Jeong Myeong-geun: "Expected to Be a Savior Amid Livelihood Economy Crisis"

Hwaseong City in Gyeonggi Province has decided to issue local currency worth 500 billion KRW next year. This is the largest scale nationwide for a basic local government unit.

Hwaseong City announced on the 21st that it has allocated a budget of 45.6 billion KRW in the next year's main budget for the issuance of local currency. This budget will serve as the source of incentives provided to consumers when issuing local currency.

Based on this budget, the city will issue local currency worth 500 billion KRW throughout next year. In particular, the city plans to provide a 10% incentive year-round for the local currency called 'Hope Hwaseong Local Currency' and expand the monthly purchase limit to 700,000 KRW. Purchasing 700,000 KRW worth of local currency means receiving up to 70,000 KRW in incentives.

The city's decision to increase the issuance of local currency is a measure to recover the livelihood economy, which has been severely frozen due to the prolonged economic downturn and the recent emergency martial law and impeachment crisis. The city expects that expanding the issuance of local currency will revive consumer sentiment within the region and contribute to increasing sales for small business owners.

Meanwhile, the Hope Hwaseong Local Currency has maintained the top issuance amount in Gyeonggi Province since 2020, with a cumulative issuance amount of 2.1272 trillion KRW. This year, its issuance amount ranks second nationwide, with approximately 700,000 people using it.

Jung Myung-geun, mayor of Hwaseong City, said, "Local currency is a win-win solution that not only reduces household expenses but also leads to increased sales for small business owners, thereby restoring the livelihood economy," and expressed hope that "Hope Hwaseong Local Currency will become a savior in the livelihood economy crisis."

Meanwhile, to promote the use of local currency, the city will also hold year-end and New Year events. Starting from the 25th until the budget (300 million KRW) is exhausted, a year-end consumption promotion cashback event will be held, providing an additional 10% of the payment amount. In January next year, a raffle will be held for 1,000 people who pay 100,000 KRW or more with local currency during the month, awarding 30,000 KRW in local currency points as prizes.