Bristol launches its own currency
The city of Bristol has launched its own currency.
The 'Bristol Pound' can only be spent within the boundaries of the city. It was conceived as a way of helping local traders and keeping more money in the local economy.
Around 350 local businesses have agreed to accept the currency. By doing so, they have arguably committed themselves to using local suppliers.
In an interview with freshbusinessthinking.com, local councillor Guy Poultney predicted that this would make Bristol a fantastic place to do business.
He said: "Bristol has a successful independent retail sector and thriving high streets which we want to support and grow. The Bristol Pound will provide a real boost to the city's independent businesses and traders.
"Encouraging people to shop and do their business locally will support the local economy and create wider benefits such as safeguarding local employment and reducing the need to travel."
Bbc.co.uk reports that the Bristol pound can also be used online or via electronic mobile phone payment. Early investors are even being offered an additional 5 per cent on all sterling cashed in.
Those who want to convert the money back into sterling will face a three per cent charge.