Asan City Council in South Chungcheong Clashes Over Expansion of "Asan Pay" Issuance

Myung Nobong: "The Heart of the Economy" vs. Park Hyojin: "Concerns Over Fiscal Burden"
...Debate Over Expanding Issuance to 500 Billion Won

(From left) Myung Nobong and Park Hyojin lawmakers.

As Asan City in South Chungcheong Province seeks to significantly expand the issuance of its local currency, "Asan Pay," a clear divide has emerged between ruling and opposition party lawmakers in the city council.

On June 10, during the first plenary session of the 259th regular meeting of the Asan City Council, Myung Nobong of the Democratic Party of Korea delivered a five-minute speech, stating, "Asan Pay is the heart of the economy that revives the local economy," and argued, "Expanding issuance to 500 billion won will provide substantial benefits to both neighborhood businesses and citizens."

He further emphasized, "Local currency generates an economic effect worth 2.5 to 3 times the amount issued," adding, "System improvements such as expanding the number of affiliated stores, enhancing the payment system, and strengthening the linkage with public delivery apps must be implemented in parallel."

The People Power Party has opposed the expansion of "Asan Pay" issuance, citing concerns over the deterioration of fiscal soundness.

Park Hyojin pointed out, "To expand Asan Pay, an additional 41.7 billion won is needed beyond the main budget, and if the expansion of special guarantees for small business owners is included, a total of 43.2 billion won will be required," adding, "This could ultimately lead to the issuance of local government bonds, resulting in debt being passed on to citizens and future generations."

Previously, Asan City had planned to issue 200 billion won worth of Asan Pay this year. However, Mayor Oh Sehyun changed the plan by pledging to expand issuance to 500 billion won during the by-election in April.

The city has begun early issuance using 11.8 billion won from the main budget and plans to secure an additional 41.7 billion won in supplementary funding later this month.