○ Participation by more than 30,000 people from around the world including scholars, experts, children, teens, senior citizens, farmers, and local merchants
– International conferences, local currency exhibition help increase understanding of basic income and regional currency
– International conference forms consensus on “regional currency, a solution to revive the Korean economy”
– 40 local currency experiential booths, operated by local governments nationwide, and other events offered for fun and enjoyable experiences

The 2019 Korea Basic Income Fair, the world’s first basic income festival, successfully concluded on April 30 following a two-day long journey.

The fair was divided into two main parts: the Basic Income International Conference and the Local Currency Exhibition Hall. Approximately 30,000 people, including scholars and experts from around the world, as well as children, teens, senior citizens, farmers, and local merchants, participated in the event, learning more about basic income and regional currency, and recognized the need for the promotion of these concepts.

First, the Basic Income International Conference was held to form a conceptual consensus while discussing various issues related to basic income and regional currency and to recognize the need for promulgation.

On April 29, a consensus was formed that basic income should be an alternative for a prosperous world in tandem with the Fourth Industrial Revolution through an address by Gyeonggi Province Governor Lee Jae-myung, keynote speeches by Dr. Annie Miller and Professor Gang Nam-hoon, and presentations of related experiments conducted around the world (including Finland, Spain, and India). On April 30, the international conference saw participation by basic income experts and scholars from both home and abroad and was conducted in the form of individual sessions during which presentations and discussions took place on more detailed topics.

During the individual sessions (consisting of 6 presentations and discussions, two tracks per session), experts and scholars from home and abroad participated in heated dialogues on deeper, more practical topics pertaining to basic income, including: the policy effects of youth basic income; shared wealth and basic income in the Fourth Industrial Revolution; basic income and regional currencies; basic income as a material base for citizens; the extension and financing of basic income; and basic income in terms of legislation and social value.

Of particular note, through presentations and discussions on the policy effects of youth basic income, basic income and regional currency, and the extension and financing of basic income, participants came to an agreement on the concept that regional currency can be a solution to revive Korea from the current economic downturn.

Participants acknowledged that Korea is facing serious issues, such as a rapidly aging population, world-leading suicide and low fertility rates, and a youth employment rate of 42%. They pointed out that recovery of community through the revitalization of the local economy and local businesses is imperative in order to overcome such issues.

They further agreed that regional currency could play an important role in the recovery of the community, and various discussions were held on more specific and practical issues for stimulating regional currency.

Concurrently, the Local Currency Exhibition Hall featured exhibitions through which visitors could experience diverse aspects of regional currency and enjoy many other events.

In particular, more than 40 exhibition booths were set up by local governments, including Gongju, Sokcho, Boseong, Jindo, Gochang, Youngdong, Boeun, Goseong and Naju, as well as 30 cities and counties of Gyeonggi Province, providing opportunities for the visitors learn about regional currencies in circulation in Korea and to buy local specialty products.

In addition, a variety of other events were held, including: the first national cauldron lid top-spinning championship; a South-North Korea international peace railway experience; a children’s air bounce event; a Pororo performance; and the Virtual Reality Experience Hall, drawing enthusiastic responses from visitors.

A Gyeonggi Province official remarked: “We were concerned about how many people would be interested because the concept of basic income is unfamiliar and regional currency has not yet been generalized, but the response was much greater than we expected. It is also significant that this event informed many people about the concept of basic income and the necessity for promoting it. We hope this event will become a catalyst in spreading public awareness about the concept of basic income.”