6 out of 10 Gyeonggi Residents Support New “Local Currency”

In addition, 78 percent of respondents said that they would use the local currency in lieu of cash if there were additional advantages in regards to child and welfare benefits. Among the respondents, 69 percent who favored the local Gyeonggi currency said “benefits equivalent to 10 percent of cash amounts” would be appropriate. (Image credit: Kobiz Media)

SEOUL, Sept. 13 (Korea Bizwire) –Almost 60 percent of Gyeonggi Province residents support Governor Lee Jae-myung’s plan to introduce a local currency. According to a survey released yesterday, 59 percent of 1,000 Gyeonggi respondents were in favor of the new local currency, which is expected to be launched next year.

Respondents also said the currency would “help activate the local economy and help small businesses” (51 percent) and that “it would be possible to buy products at discounted prices” (40 percent) when asked why they preferred the implementation of the new local currency.

Meanwhile, 28 percent of respondents who were against the new policy stated that “it would be impossible to use in other cities and municipalities.” Yet others cited the “lack of vendors that would accept the currency” (19 percent) and the fact that “department stores and hypermarkets would not accept the currency” (16 percent) as the main reasons why they were against the idea.

Regarding the physical form of the currency, 39 percent preferred “card-type” gift cards, followed by “mobile gift cards” (31 percent) and “paper gift cards” (16 percent). “Expansion of currency-accepting vendors” (31 percent), “more benefits for local currency users” (20 percent), and “managing the currency to avoid abuse” (18 percent) were some of the factors respondents thought could help propel the success of the currency’s distribution.

Of note, 71 percent of respondents said that the local currency should be accepted at franchise entities such as convenience stores throughout the province.