Find out about the first citywide local currency the Bristol Pound, in a talk from just before it was launched. It is now operating throughout the city of Bristol, could this the future of local economies that resist capital flight from there areas.
From the website:
“The Bristol Pound is a complementary local currency designed to support Bristol’s independent businesses, strengthen the local economy, keep our high streets diverse and distinct, and help build stronger communities.
The Bristol Pound is the UK’s first city wide local currency, the first to have electronic accounts managed by a regulated financial institution, and the first that can be used to pay some local taxes.
The Bristol Pound is run as a partnership between the Bristol Pound Community Interest Company and Bristol Credit Union. It is a not-for-profit social enterprise.”
Key Facts about the Bristol Pound
Bristol Pounds are spent just like pounds sterling with £B1 equal in value to £1 sterling *
Each Bristol Pound is backed pound for pound by sterling deposits, so taking part incurs no more financial risk than is generally the case when depositing money with an authorised and regulated institution.
The Bristol Pound is a complimentary currency, designed to work alongside sterling, not replace it.
Business accounts are available to traders that are independently owned and based in or around Bristol.
Anyone will be able to pay with or accept printed Bristol Pounds as they will be in free circulation.
Whilst there are some rules for taking part in the scheme, local currency is not legal tender like sterling and so accepting Bristol Pounds is voluntary.
Printed Bristol Pounds are highly secure, printed by specialist printers, incorporating a host of security features.
All Bristol Pound systems are very secure. Money can only be taken out of the system by registered account holders.
*Some traders are offering special offers & discounts for Bristol Pound users and the first £100,000 of sterling exchanged in to Bristol Pound accounts will receive a 5% bonus when deposited.