Bristol prints its own currency!

The goal is to strengthen the local economy

The euro is not going through its best phase, so is the world financial system. This is the best time for cities to go their own way, printing their own money, the BBC wonders.

A group of independent traders in Bristol are launching their own currency with the support of the city council and a credit union.

The Bristol pound, the "Bristol Pound", will be printed on banknotes and used in electronic transactions.

There are other local currencies in Britain, the BBC points out, but this is the first that can be used to pay taxes on local businesses.

The head of the "Bristol Pound" organization, explained the reasoning behind the currency. "Big companies just 'wipe' money out of the area. "The money goes into their financial system and usually ends up in London and from there to offshore destinations."

But by definition, Bristol λί's's must stay in Bristol. If an amount is spent on the oven, the baker should use it to pay suppliers or his staff. And they in turn will have to use the money in the local economy.

More than a hundred companies have already declared their participation in the currency to be printed on one, five, ten and twenty pound notes. One Bristol pound will be equal to one British pound.

Source: Newsbeast.gr