Cheongju Pay
Cheongju Pay is the local currency of Cheongju, South Korea. Residents charge a card through the Cheongju Pay app or at local cooperatives and spend it at card merchants across the city. The city pays a 10% incentive on up to 300,000 won of spending per month, rising to 15% at designated good-price shops. Department stores, large marts and businesses with annual revenue over 3 billion won are excluded.
Mid-size Korean municipal voucher: solidly alive with a confirmed 2026 incentive budget, but city-issued, won-pegged and subsidy-driven like its siblings.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x2.0
Single issuer (Cheongju City); incentive budget set annually through the council; balances redeem to won so supply can contract.
Spending Power Stability2x2.0
1:1 won peg with no separate stability mechanism; imports won inflation directly.
Fiat Independence & Interoperability2x1.0
Won-denominated, funded from the municipal budget, and settled over commercial card rails. No fiat independence.
Traction2x3.0
Active across a city of about 850,000 with acceptance at all registered card merchants under the revenue cap; 2026 incentive of 10% confirmed December 2025 and running from January 3, 2026, above the 9% national minimum. Smaller purchase caps and city scale than the metro siblings. Discount-driven, not a unit of account.
Sovereignty1.0
City government sets all rules and can end the program at any budget cycle; app and card rails are contractor-operated; card issuance requires age verification.
Governance2.0
Municipal administration decides terms through the normal budget process; terms are published through district offices.
Resilience2.0
The city chose to top up the national 9% minimum to keep 10% in 2026, which shows commitment but also full dependence on yearly subsidy decisions.
Inclusivity3.0
Anyone 14 or older can join through the app or at cooperative branches; low cost; limited to the city and its residents in practice.