British city goes rogue with its own currency

Sat Aug 18, 2012 9:43 am » by **One-23**

The launch of the Bristol pound, usable only with member businesses, has been delayed until September because of the high level of interest. The currency will not be legal tender and must be exchanged through the Bristol Credit Union

British city goes rogue with its own currency

As Britain loses faith in its banks and feels shockwaves from the eurozone debt crisis, one city is trying to keep local wealth in local pockets with the launch of its own currency.

The Bristol pound - usable only with member businesses in the city in southwest England - will launch in September, and organizers have been deluged with local firms wanting to sign up.

"The perception of banking and money is that it's a very ruthless system: People are out for what they can get," co-founder Ciaran Mundy told AFP. "This is about saying yes to something new. It's tapping into a different set of values about money."

The scheme has "captured people's imaginations", he added, in a recession-hit year when British banks have been beset by scandals and ministers talked openly of a possible euro collapse.

Hundreds of businesses have joined, from the acclaimed Arnolfini arts center to the Chandos deli chain, and the launch had to be postponed from May to September 19 because of the level of interest.

Security professional Richard Wright signed up his company Wright Guard as soon as he heard about the Bristol pound, hoping it would help him fight back against encroaching security giants.

"I'm Bristol born and bred, and I always want to support local businesses," he said. "I'll want to keep the Bristol pound flowing."

The notes feature symbols of local pride, from 19th-century religious writer Hannah More to the Concorde aircraft, partly developed in Bristol, and images of the St Paul's Carnival Caribbean street festival.

Other British towns have launched local currencies, but Bristol, home to half a million people, is the first big city to do so, and its scheme is ambitious.

Businesses can pay local taxes in Bristol pounds and the council has offered its 17,000 employees the option of receiving part of their pay in the currency.

Mundy's team has designed an electronic system for payments by text message, plus what they say are forgery-proof notes.

Stores selling products from cider to skate shoes said they were considering joining the scheme, which Mundy believes will have a tangible economic effect.

"Eighty percent of the money leaves the area if it is spent with a multinational - but 80 percent stays if it is spent at a local trader," he said.

Read More http://www.chinadaily.com.cn/world/2012 ... 686014.htm

Sat Aug 18, 2012 11:15 am » by **Hayden**

Brilliant! Hope it spreads! :sunny:

Sat Aug 18, 2012 1:38 pm » by **Flecktarn**

it wont work most people here in Bristol think its a crap ideal it was tried in Swindon some time ago and failed,there was a lot of public consultation by doing surveys in town and with local business and the majority of results were negative ,most are still weary about the people involved and who would relay benefit