Gwangmyeong City's Local Currency Issuance Surpasses 1 Trillion Won

First Among Local Governments in Gyeonggi Province with Fewer Than 300,000 Residents
Park: "Continued Expansion for Local Economic Recovery"

The cumulative issuance amount of Gwangmyeong City's local currency has surpassed 1 trillion won, marking the first time for a local government in Gyeonggi Province with a population under 300,000 to reach this milestone.

On January 8, Gwangmyeong City announced that as of January 1, the cumulative issuance amount of its local currency, Gwangmyeong Sarang Currency, had reached 1.006 trillion won. This achievement comes nearly seven years after the currency was first issued in April 2019.

Gwangmyeong City's local currency, 'Gwangmyeong Sarang Currency.' The cumulative issuance amount of Gwangmyeong City's local currency exceeded 1 trillion won for the first time among cities and counties with a population under 300,000 in Gyeonggi Province. Provided by Gwangmyeong City

Given the city's population of 291,423 as of November last year, this means that approximately 490,500 won of local currency has been issued per citizen each year.

The city attributes this performance to several bold policies aimed at promoting a virtuous cycle in the local economy: maintaining a high discount rate of over 10% throughout the year, supporting a network of more than 8,100 affiliated merchants, and introducing a consumption-boosting cashback program in October 2025.

City officials and observers also credit the significant impact of the city's independent provision of livelihood stabilization funds to all citizens at the beginning of last year. By distributing these funds in the form of local currency, the city was able to increase the subscription rate for the currency. In fact, during the government's livelihood recovery consumption coupon program last year, the proportion of citizens who chose to receive the benefit in local currency was the highest in the province, at 54.3% in the first round and 55.7% in the second round.

Park Seungwon, Mayor of Gwangmyeong, stated, "Reaching 1 trillion won in cumulative issuance of Gwangmyeong Sarang Currency is evidence that a virtuous cycle is at work, with citizens spending locally and small businesses being revitalized. We will continue to expand the program so that Gwangmyeong Sarang Currency can serve as a strong engine for the recovery and growth of the local economy."

Meanwhile, the city plans to conduct a satisfaction survey of both citizens and affiliated merchants to further enhance its local currency policy. The results will be used to inform the direction of local currency operations, support for affiliated merchants, and improvements to user convenience features.