Regional/Local/Community Currencies Key Points
- Regional/Local/Community currencies are alternative, non-national currencies used within a specific geographical region or community.
- These currencies can be designed to promote local economic growth and sustainability.
- They can be created in physical or digital forms, including through blockchain technology.
- Regional/Local/Community currencies can enhance local trade and reduce dependency on national or global economies.
- Examples include the Bristol Pound in the UK and the BerkShares in the US.
Regional/Local/Community Currencies Definition
A regional/local/community currency, often simply referred to as a local currency, is a type of currency that is not backed by a national government (non-national) and is intended to be used within a specific geographic location or community. It is designed to improve local economic resilience and sustainability by encouraging local spending and reducing dependence on national and global economies.
What Are Regional/Local/Community Currencies?
Regional/Local/Community currencies are alternative forms of money that are used within a specific region or community.
These types of currencies are not backed by a national government, and are often created to stimulate local economies by encouraging the spending of money within local businesses.
They can come in both physical and digital forms, and they often exist alongside national currencies rather than replacing them.
Who Uses Regional/Local/Community Currencies?
Regional/Local/Community currencies are used by individuals, businesses, and organizations within a specific geographic area or community.
Users do so to support local businesses and to keep the wealth within their community, promoting local sustainability and resilience.
When Are Regional/Local/Community Currencies Used?
Regional/Local/Community currencies are often used during times of economic instability or recession to stimulate local economies.
They can also be used as part of a broader strategy to promote sustainable local development and reduce reliance on global supply chains.
Where Are Regional/Local/Community Currencies Used?
Regional/Local/Community currencies are used in many places worldwide.
For example, in the UK, the city of Bristol has its own local currency, the Bristol Pound, which is accepted by local businesses.
In the US, BerkShares are a local currency used in the Berkshire region of Massachusetts.
Why Are Regional/Local/Community Currencies Used?
Regional/Local/Community currencies are used to promote local economic growth and sustainability.
They encourage spending within the local area, supporting local businesses and jobs, and helping to keep wealth circulating within the community.
They also reduce dependency on national and global economies, providing a buffer against economic instability.
How Are Regional/Local/Community Currencies Created?
Regional/Local/Community currencies are typically created by local governments, community groups, or organizations that wish to stimulate local economic activity and sustainability.
They can be issued in physical form, such as notes or coins, or in digital form, using blockchain or other digital technology.
The process of issuing these currencies often involves careful planning and community engagement to ensure broad acceptance and effectiveness.
