What is a local currency?
Essentially money that is used across a particular locality or region. The Bristol Pound will be spent like sterling and is backed pound-for-pound by sterling deposits. However it is different to sterling in that the money will typically be accepted only within the region so will continue to be spent in the region.
Who is behind the Bristol Pound scheme?
It is a community interest company (CIC). The Bristol Pound is a project sponsored by Bristol’s Green Capital Momentum Group. A CIC is a company established with specific social goals with the assets of the company being ‘locked in’. Any profits generated by the CIC will be paid out to the active members of the scheme.
Who are the individuals involved?
The team of people involved in the Bristol Pound’s development so far are:
* James Berry, Bristol Credit Union
* Mark Burton, researcher, Bristol University
* Stephen Clarke, director CIC
* Owen Davis, art director
* Adele Graham, design and marketing
* David Hunter, project manager
* Chris Sunderland, director CIC
* Ciaran Mundy, director CIC
* Dom Lane, Bray Leino PR
* Daniel Piddock, website development
How will it benefit local businesses?
Recent local currency schemes have successfully raised the profile of the member businesses through generating very significant media coverage. For example, after last year’s launch of the Brixton pound, Lambeth Council estimated that the scheme brought £100,000 of media exposure directly to businesses in the area.
Are there any charges for using the Bristol Pound?
There are no charges for the people of Bristol to use the Bristol Pound. The intention is for the scheme to be self-funded so that it is financially sustainable, and in order to ensure this is the case charges to businesses are low. The only charge to businesses for using the Bristol Pound is a transaction fee paid as a percentage of all electronic Bristol Pound transactions. Using the mobile phone payment system, this fee will be of the same order as existing credit and debit card transaction fees and so does not place additional burden on participating businesses.
Who will accept Bristol Pounds?
At launch in May, project organisers hope there will be a large number of businesses from around the region already signed up and more businesses will want to join. The system is one of voluntary membership and complementary to sterling.
Can Bristol Pounds be spent outside the city?
While the scheme is clearly designed for use in Bristol and will be mainly used in the city, there is nothing to stop people from further afield using and accepting the paper currency.
Is this being done anywhere else?
Recent launches of local currencies have taken place in Brixton, Totnes, Lewes and Stroud. The Bristol Pound is different, however. Firstly, in terms in terms of scale, potentially involving a million or more people from the region. Secondly, in using new development of mobile phone payment technology.
Thirdly, in the partnership arrangement with an established Credit Union, offering similar security to a private bank and, as of this month, legally capable of running corporate accounts.
