Gyeonggi Province Establishes Control Tower for Regional Currency as Universal Consumption Method

[Suwon Ilbo=Reporter Park No-hoon] As Gyeonggi Province joins hands with municipal governments to establish the '(Provisional Name) Gyeonggi Regional Currency Joint Operating Agency' to build an efficient and stable operational system for the Gyeonggi regional currency and promote its settlement as a universal consumption method, a provincial and municipal working-level consultation body is being organized and operated to develop specific implementation plans.

At the 'Gyeonggi Province-Municipal and County Policy Cooperation Committee' held in October at the Seongnam Creative Economy Innovation Center, the Gyeonggi Mayors and Governors Association had previously proposed to the province the establishment of the 'Gyeonggi Regional Currency Joint Operating Agency' to activate regional currency and establish a stable issuance system.

The province envisions that through the 'Regional Currency Joint Operating Agency,' it will oversee the issuance and circulation management of regional currency, as well as perform roles such as securing stability of regional currency operating funds and reinvesting operational profits.

Accordingly, the province confirmed the participation intentions of municipal and county governments to materialize the proposal from the Gyeonggi Province-Municipal and County Policy Cooperation Committee and, reflecting the results, organized a working-level consultation body with administrators from 30 municipalities. Seongnam City expressed its intent not to participate, citing reasons such as operating its own platform.

The working-level consultation body will begin with its first video conference on the 18th, followed by regular (monthly) and ad-hoc meetings, and will comprehensively gather opinions from the Gyeonggi Regional Currency Private Advisory Group to specify the establishment direction of the joint operating agency, including its organizational structure, operation methods, key functions and roles.

A Gyeonggi Province official said, "Cooperation and communication between the province and municipal governments are essential conditions for enhancing the policy effectiveness of regional currency and establishing it as a universal consumption method," and added, "We hope that through the provincial and municipal working-level consultation body, proposals for the joint operating agency's establishment and macroscopic development plans for regional currency can be proposed and materialized."