UK City Launches Own Currency: Smart or Silly?
JMCC
2012/09/19 12:00:06
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It is a direct assault on global trade. The city of Bristol has launched its own currency, which cannot be used in Bath, never mind Berlin or Bombay.
More than 350 firms in the city have signed up, making it the UK's largest alternative to sterling.
Unlike previous schemes which have relied on paper, the Bristol Pound can be used online, even by mobile phone.
The idea is to help local traders by issuing money which customers can only use in their shops. In turn, customers know that the shop must then buy its stock from a local supplier, or pay a 3% fee to convert the Bristol Pound back into sterling.
The new notes feature holograms and gold foil with security numbers etched in by laser
Ciaran Mundy hopes to hit the £6m turnover level soon: "We should reach that next year, and go well beyond it. We're ambitious for the Bristol Pound."
More than 350 firms in the city have signed up, making it the UK's largest alternative to sterling.
Unlike previous schemes which have relied on paper, the Bristol Pound can be used online, even by mobile phone.
The idea is to help local traders by issuing money which customers can only use in their shops. In turn, customers know that the shop must then buy its stock from a local supplier, or pay a 3% fee to convert the Bristol Pound back into sterling.
The new notes feature holograms and gold foil with security numbers etched in by laser
Ciaran Mundy hopes to hit the £6m turnover level soon: "We should reach that next year, and go well beyond it. We're ambitious for the Bristol Pound."
However I support this wholeheartedly ^_^