Reexamination of Public and Community Currency Projects: Focusing on Korean Cases

Abstract

Recent activities in complementary or community currencies (CCs) in Korea have been divided into two distinct categories: community currencies, identified as community projects, and local money, recognized as public projects. This study aims to explore the reasons for the bifurcation of CCs into public and community projects, particularly focusing on examples from Korea, and to reveal the fundamental characteristics of each type of project. It examines the surge in issuance of local money as public projects following the COVID-19 pandemic, alongside HanbatLETS, a community project that has been operational in Korea for over two decades. The findings indicate that local money, when implemented as public projects, is limited to its area of distribution, whereas community currencies, as community projects, not only originate from but also aim to extend beyond the distribution area to include the production sector. Additionally, the study underscores the importance of CCs engaging in activities that go beyond simple payment and distribution functions to include aspects of production, as a means to prevent local decline through enhanced local circulation and regeneration.