Gwangju Bukgu Confirms 'Bukgeumoney' as Official Name of Local Currency

Planned Issuance of 10 Billion Won in September

Gwangju Bukgu District announced on June 15 that it has decided on 'Bukgeumoney' as the official name for its local currency, which will be the first issued by an autonomous district in Gwangju. 'Bukgeumoney' combines 'Bukgu', the district’s city brand character, with 'money', and is considered a name that residents can easily remember and relate to.

Exterior view of Gwangju Bukgu Government Office.

The district collected suggestions for the local currency name through a nationwide public contest that ran for about six weeks starting in April, receiving a total of 636 entries. After two rounds of judging involving residents, public officials, district council members, and institutional representatives, seven finalists were selected. In the final evaluation, 'Bukgeumoney' received the highest score.

The district plans to issue 'Bukgeumoney' on September 1, with a total issuance amount of 10 billion won. The seven individuals whose suggestions made it to the final evaluation will receive prize money in 'Bukgeumoney' according to their ranking: 1 million won for the grand prize (1 person), 500,000 won for the excellence prize (1 person), and 100,000 won each for the encouragement prize (5 people).

To expand the base of affiliated stores, the district is currently recruiting members for the 'Bukgeumoney Affiliated Store Promotion Team' until June 18. The team, consisting of about 200 people, will be active until July 18. So far, approximately 6,300 affiliated stores have been secured. Bukgu aims to secure more than 10,000 affiliated stores before the local currency is launched.