Local Currencies
Local currencies are forms of money that can be spent within a defined community, encouraging local trade and building community resilience. They can exist as physical notes, digital tokens, or mutual credit systems.
Types of Local Currencies
- Physical Notes (like Berkshares or Brixton Pound)
- Digital Tokens
- Mutual Credit Systems
- Time Banks
- Community Exchange Systems
Benefits
Local currencies can:
- Keep wealth circulating locally
- Support small businesses
- Build community connections
- Increase local economic resilience
- Reduce carbon footprint of commerce
- Create community identity
Implementation Steps
Key considerations for starting a local currency:
- Community engagement and buy-in
- Legal and regulatory compliance
- Technology platform selection
- Business network development
- Marketing and education
- Governance structure