“Bristol Businesses Queuing Up to Join Local Currency Scheme
“As Britain loses faith in its banks and feels shockwaves from the euro 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 – is to launch in September, and organisers are deluged with local firms wanting to sign up. …
“Businesses can pay local taxes in Bristol pounds and the council has offered its 17,000 staff the option of receiving part of their pay in the currency. Mundy’s team – funded initially by grants – have 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 80pc stays if it is spent at a local trader,” he said….”