Tamnenunjeon, Jeju’s local currency, has finally made its debut.
Jeju Special Self-Governing Province Governor Won Hee-ryong announced in August that the province will issue local currency worth 370 billion won over the next three years to restore consumer sentiment frozen by COVID-19 and lay the foundation for a virtuous cycle of the local economy.
It is a strategy to help boost the local economy by strengthening the competitiveness and increasing sales of self-employed and small business owners.
The name of the currency is taken from the old name of Jeju, “Tamna,” and also reflects the wish that it will become a local currency that everyone “covets (tamnaeda).”
This year’s total issuance is 20 billion won, consisting of 12 billion won (60%) in card and mobile-types and 8 billion won (40%) in gift certificates. Consumers can receive a 10% discount when they purchase Tamnaneunjeon.
You can also get a 10% discount when purchasing gift certificates and 10% is accumulated as points when using the card type and mobile type. When used, a cash receipt can be issued, and during the year-end settlement, up to 30% of the amount used (40% in the traditional market) can be enjoyed as an income deduction.
The purchase limit per person is 700,000 won per month, and up to 5 million won per year. Discount benefits do not apply once the limit is exceeded. Anyone over the age of 14 can purchase the currency, which must be paid in cash.
Gift certificates can be purchased by visiting the nearest Nonghyup and Jeju Bank, and card and mobile types can be purchased through wire transfer via the Tamnaneunjeon application. There are three types of gift certificates: 5,000 won, 10,000 won, and 50,000 won. If more than 80% of the local currency is spent, users can get the remaining amount back in cash.
Tamnaneunjeon can be used at any business registered as a member in Jeju.