Bristol Pound: A Community-Based Economic System

The Bristol Pound is a unique community-based economic system that's been making waves in the city of Bristol, UK. It's a local currency that's designed to keep money within the local community, promoting local trade and supporting local businesses.

The Bristol Pound was launched in 2012 and is issued by a not-for-profit organization called the Bristol Pound Cooperative. This cooperative is made up of local businesses and community groups who work together to promote the use of the Bristol Pound.

One of the key benefits of the Bristol Pound is that it's accepted by over 1,000 local businesses, making it a very convenient option for locals to use. In fact, it's estimated that over 70% of Bristol's local businesses accept the Bristol Pound.

The Bristol Pound was initially met with skepticism, as a 2017 study suggested it was too small to effect significant change in localism and had not increased local wealth or production. However, a spokesperson for the Bristol Pound disputed these findings, claiming they contradicted previous research by the University of Bristol.

In its early days, the Bristol Pound showed promising signs of adoption. By June 2015, over £1 million had been issued in Bristol Pounds, and more than 800 businesses accepted the currency. Additionally, over 1,000 users had opened Bristol Pound accounts.

By late 2017, the Bristol Pound had reached a milestone of five million pounds being spent using the currency. However, usage began to decline by this stage.

The Bristol Pound was a game-changer in terms of local currencies, and its usage was quite impressive.

In 2015, the former Mayor of Bristol, George Ferguson, took a bold step by accepting his entire salary of £51,000 in Bristol pounds.

By June 2015, over £1 million in Bristol pounds had been issued, and more than 800 businesses were accepting the currency.

More than a thousand users had also opened Bristol pound accounts, and energy bills could be paid in Bristol pounds to Good Energy, a 100% renewable energy provider.

This was a world first for paying energy bills using a local currency, and it showed the potential of the Bristol Pound.

By late 2017, five million Bristol pounds had been spent, which was a significant amount, but usage was starting to decline.

Here's a breakdown of the key statistics:

The Bristol Pound was a pioneering effort in local currencies, and its impact was felt in the city of Bristol.

Research suggests that the Bristol pound's impact is a topic of debate. In 2017, the Bristol Post reported on some research that suggested the Bristol pound venture was too small to effect significant change in localism. A study found that the Bristol pound had not increased local wealth or production. The Bristol Pound's spokesperson claimed the findings contradicted previous research by the University of Bristol.

The Bristol pound was managed by the non-profit Bristol Pound Community Interest Company in collaboration with the local financial institution, the Bristol Credit Union.

The Bristol Credit Union ensured that every £1 sterling converted to a printed £B1 was backed in a secure trust fund.

Bristol City Council supported the scheme, although the council had substantially reduced any financial support from 2018.

Bristol pound was involved in the Digipay4Growth project, which was coordinated by the Social Trade organisation and had partners such as Sardex.

Through this project, Bristol pounds digitalised its currency, using Cyclos software.

Bristol pound was part of a larger international movement of local currencies, supported by the European funded Community Currencies in Action partnership.

The Community Currencies in Action partnership provided support for communities that want to develop their new currency and work on innovations.

Bristol CIC founded the Guild of Independent Currencies, a platform for sharing experiences about local currencies.

The Bristol pound's legality was quite unique. Every paper £B was backed up by £1 sterling deposited at Bristol Credit Union.

Participation in the Bristol pound was voluntary, and the notes were not considered legal tender. Businesses could choose whether or not to accept Bristol pounds, but the directors could decide if a business was allowed to open a Bristol pound account.

There was no fee for exchanging Bristol pounds back into sterling via an electronic account. Paper Bristol Pounds, on the other hand, could only be exchanged back to sterling if first deposited into an electronic account.

The Bristol pound notes were technically vouchers and had an expiry date, which was 30 September 2015. The Bank of England acknowledged the existence and role of local currencies, including the Bristol pound.

The degrowth movement is challenging the conventional wisdom on economic health. This movement is led by a coalition of academics and activists who are questioning the idea that constant growth is necessary for economic well-being.

The movement is calling for a radical reorganization of the economy, one that prioritizes local power and community needs over profit and growth. In Bristol, activists are taking aim at the root of all evils: money.

A key part of the degrowth movement is building local power and economies that are not dependent on global markets. In Bristol, this is being achieved through the use of alternative currencies, such as the Bristol pound.