Lee Jae-myung, the Democratic Party of Korea presidential candidate, launched the 'local currency usage challenge' on the 11th. It appears to be aimed at maximizing the effectiveness of a key policy promoted since his time as the mayor of Seongnam by publicizing it in the form of a social media (SNS) challenge.
The candidate noted via a public message that, “How about joining the local currency usage challenge to help small business owners regain their strength and bring back smiles?”
Local currency is a gift certificate issued by local governments, sold to residents at a discounted price of 5% to 10%. Typically, the government covers half of the discount rate with national funds, while the local government bears the remainder from its own resources.
The Democratic Party of Korea, on the 28th of last month, independently approved a supplementary budget proposal reflecting a budget of 1 trillion won for local currency in the National Assembly's Administrative Safety Committee. Subsequently, during the consensus process with the government and People Power Party, the total budget was finalized at 400 billion won.
The candidate stated, “While purchasing ingredients at the Yeongcheon public market during my listening tour, I paid with local currency, and coincidentally, local love gift certificates were being offered at a discount throughout May. I felt that both the consumers and the local economy benefit from this 'warm consumption'.”
He added, “Consumers can purchase at lower prices through local currency, and small business owners are revitalized thanks to consumer spending, creating warmth in the alleys that helps revive the local economy.”
The candidate emphasized, “In some regions, delivery food can also be paid for with local currency, so let’s help small businesses and invigorate the local economy to thaw the frozen domestic market and overcome the economic crisis together.”
The candidate identified Lee Byung-do, Kim Gyo-heung, and Choi Min-hee, members of the election campaign committee’s National Participation Headquarters, as the next challengers.