Hwaseong City Local Currency Issuance Surpasses 2.5 Trillion Won with Usage Rate Over 90%

The cumulative issuance amount of the local currency in Hwaseong, Gyeonggi Province has surpassed 2.5 trillion won.

The local currency of Hwaseong City, 'Hoemang Hwaseong Local Currency,' has recorded a cumulative issuance exceeding 2.5 trillion won as of the first half of this year. Hwaseong City website

On July 28, Hwaseong City announced that the cumulative issuance amount of its local currency, "Hope Hwaseong Local Currency," which has been issued since 2019, reached 2.5301 trillion won as of the first half of this year, with 740,000 subscribers.

The city added that, in particular, during the first half of this year, 328.6 billion won out of the 362 billion won issued was actually used, resulting in a usage rate of 90.8%. As most of the issued local currency was spent within the region, this had a positive impact on boosting consumption and increasing sales for small business owners struggling with the economic downturn.

In fact, the city has implemented incentive policies and holiday-specific cashback events to encourage the use of local currency. In the first half of the year, a constant 10% incentive was provided, and during the Lunar New Year holiday, a special event offered 20% cashback for purchases over 30,000 won. The city plans to launch additional cashback events during the Chuseok holiday and year-end season in the second half of the year.

Jung Myunggeun, Mayor of Hwaseong, stated, "Hope Hwaseong Local Currency is a strong support measure that revitalizes small businesses and the local economy," adding, "We will continue to develop policies that citizens can truly feel and build the best local currency operation model in the country."