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Writer Lee Yunjin
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Subject Gangdong-gu's local currency, "Gangdong Bitsal Money," proved its effectiveness.

<Gangdong-gu's local currency, "Gangdong Bitsal Money," proved its effectiveness.>

According to big data analysis using artificial intelligence (AI) techniques, the first card-type local currency issued by Gangdong-gu District Office has proven to be effective in revitalizing the local economy.


According to the analysis of charging and payment data from July last year to April this year, the total amount of charged money was 18.38 billion won, the total amount of paid was 1.54 billion won, and 82% of the charging amount led to sales of small business owners living in the region.


Since November 2020, more than 1 billion won has been used by people every month, and the effect of increasing sales has also increased. This is a figure that can be inferred from the economic effects of comb money in the region, which can only be used at small businesses in Gangdong-gu.


By industry, it was found that local currency issuance was the most used in life-oriented industries related to food, education, and hospitals, indicating that it was used to help residents return to the coronavirus situation and that it was effective for small businesses.

In particular, it should be noted that the residents of other regions also used Gangdong comb money. The amount of charging and settlement of residents of Songpa-gu, Gangnam-gu, Gwangjin-gu, Seoul, Hanam-si, Namyangju-si, and Seongnam-si, which are adjacent to Gangdong-gu, has increased the effect of revitalizing the local economy.


"The issuance of Gangdong-type local currency has been quantitatively proven to be effective in supporting residents' economic consumption and sales of small business owners," said Lee Jung hun, head of Gangdong-gu District. "We will further expand the issuance of local currency and prepare customized local currency for residents and small business owners."
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