Bristol pound to be launched on May 21

San Antonio Post Monday 6th February, 2012

BRISTOL - Hundreds of traders and business establishments have signed up for Bristol's own currency to be launched May 21, with the backing of the Bristol Credit Union, a bank run as a cooperative.

The Bristol Pound will be of the same value as sterling and similar denomination notes as British pound.

Local currencies are not a new concept in Britain. But unlike other local currencies like Brixton, Totnes, Lewes and Stroud, Bristol pound will provide users the flexibility to make transactions by using their mobiles instead of the paper currency.

The idea behind launching local currency is to help the local economy benefit from wealth generated within the city instead of it being drained out by national and international companies.

Designing of the currency was done through city-wide competitions.

The currency enjoys the backing of not just the Bristol Credit Union, but is to be also regulated by the Financial Services Authority, which also controls High Street clearing banks.

Given its wide support base and the because of the electronic payment scheme, the Bristol Pound is expected to be the biggest local currency scheme in the country.

"One of the major advantages of the Bristol Pound is helping people to understand the impact they have when they spend money," said Ciaran Mundy, director of the scheme,

The idea of Bristol's own currency was highlighted by the Evening Post last June but since then, a great deal of work has been undertaken to create the software which is secure enough to deal with banking transactions on a phone.

The currency also had to await the legislation to pass through Parliament, allowing credit unions to provide banking services for businesses.

Even as Bristol's council eagerly looks forward to the new currency giving a fillip to the local economy, several other cities like Manchester, Glasgow and Edinburgh are all considering their own local currency scheme.