A Local Currency Model Gaining Nationwide Attention
Achieving 592.9 Billion Won in Circulation
Buyeo County in South Chungcheong Province has won the top prize at the Korea Local Government Management Awards for its proprietary local currency, Goodtrae Pay.
Goodtrae Pay, launched in 2019, received high praise for reducing the burden on small business owners by eliminating transaction fees and cutting operational costs through its independent platform.
In particular, it was recognized for introducing the nation’s first circular structure, which provides incentives for transactions between affiliated merchants, preventing capital outflow and strengthening the positive circulation effect within the local economy.
Despite the absence of national funding, the county has continued to operate the program using its own resources, successfully fostering community participation and trust-an achievement in itself.
According to the county on September 19, the total amount of Goodtrae Pay issued so far stands at 547.3 billion won, with 592.9 billion won in circulation and 60.8 billion won in recirculation.
Additionally, during this year’s livelihood recovery coupon program, 65% of county residents chose Goodtrae Pay, demonstrating that it has become more than just a payment method and has established itself as a part of local culture.
In May, the county also shared its local currency platform with Jung District in Daejeon, presenting a model for mutual cooperation with other local governments.
A county official stated, “Goodtrae Pay is a successful model that goes beyond a simple local currency, revitalizing local businesses and encouraging resident participation. We will continue to strengthen Buyeo County’s competitiveness by promoting economic self-reliance and boosting visitor spending.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
