BUHYEO — As discussions surrounding rural basic income gain momentum across South Korea, Buyeo County is positioning itself as a model region, emphasizing local economic circulation rather than mere cash distribution.

County officials highlight that the ultimate success of a basic income program hinges not on the sheer size of the payout, but on how effectively and sustainably the funds circulate within the local economy. To address this, Buyeo is leveraging its homegrown digital currency, Goodrae Pay, as the primary catalyst to prevent capital leakage and stimulate localized spending.

Creating a Closed-Loop Local Economy

Launched in 2019, Goodrae Pay has evolved beyond a simple payment tool into an interconnected economic ecosystem. According to recent county data as of September 2026, the platform boasts 3,458 active merchants—representing a staggering 97.4% adoption rate across Buyeo’s 3,550 total business establishments.

Cumulative statistics reveal a massive impact: total issuance has reached 717.6 billion won, with cumulative circulation hitting 762.1 billion won. Crucially, B2B and merchant-to-merchant secondary transactions accounted for 73.9 billion won by September 2026. This data demonstrates that funds received by residents do not simply disappear after a single purchase; instead, they cycle repeatedly through neighborhood grocery stores, local farms, and micro-enterprises.

Expanding Reach into Vulnerable Rural Townships

A standout feature of Buyeo’s strategy is its wide geographic penetration. While the central Buyeo-eup district records a 100% merchant participation rate, the surrounding 15 rural townships maintain a robust 94.5% adoption rate.

In aging rural communities, ensuring that residents have accessible places to spend is just as critical as providing the income itself. By integrating local hair salons, clinics, agricultural supply shops, and restaurants into the Goodrae Pay network, the county aims to maintain the foundational infrastructure required to combat regional depopulation.

Connecting Basic Income to Local Agriculture

Buyeo's framework uniquely pairs financial support with its renowned agricultural sector, known collectively as "Goodrae" produce. By directing basic income spending toward local farmers' markets, traditional vendors, and neighborhood eateries, the county aims to establish a self-sustaining cycle where food is produced, processed, and consumed locally.

Local leaders emphasize that cash handouts alone cannot reverse regional decline. Buyeo plans to synchronize the upcoming basic income initiative with broader municipal services—spanning healthcare, public transit, elderly care, and education—using Goodrae Pay as the transactional glue binding these welfare programs together.

"Buyeo is not merely a region prepared to distribute a basic income; it is a community already equipped to circulate that wealth internally," local planners noted. By anchoring basic income to an established, highly adopted local currency, Buyeo County aims to transform temporary government support into a permanent engine for local survival and growth.

[ⓒ Global Economic Times. 무단전재-재배포 금지]