Block chaining based local currency has been emerging consecutively. Although it is still in its infancy, expectations for the revitalization of the local economy are getting worse. Overseas, Hull City has developed the world's first block-chain currency 'Hull Coin' in Hull City, but it is not yet implemented.
On January 1, Seoul, Nowon-gu announced that it will implement block-chain local currency "NW". Nowon-gu has developed a local currency operation platform based on the block chain technology in January, with about 30 million won. Local currency 1 (NW) has a value of 1 won. If you volunteer for one hour, you can get 700 working days. Donations can receive 10% of sales, and donations can receive 10% of donations in local currency. The maximum amount that can be earned per member is 50,000 won, and the validity period is three years. Residents can use their local currency to buy goods, use the services, and present them to other members.
Prior to the implementation of the local currency allowance, Nowon-gu has provided local currency to the residents participating in volunteer service according to the criterion of voluntary volunteer hours. In addition, we recruited 82 private franchise shops including bookstores, cafes, academies, car centers, beauty salons as well as 22 public franchisees including public parking lots. In December of last year, 36 local businessmen trained money and trained 1,400 people in 48 times by visiting 19 local residents' centers and Nowon-gu volunteer centers.