Across the pond in 2009, a small community in South London created the Brixton Pound, a flashy, vibrant currency complete with portraits of famous Brixtons such as David Bowie. The currency was designed to help support shopping with local small business owners while deterring shoppers from investing in chain stores.
Today, the currency is accepted in over 200 businesses in the Brixton area and has roughly 500,000 Brixton Pounds actively in circulation. Clearly, the currency which was in question to remain as legal tender back in 2010, is supported by the local community and is helping customers to invest in independent coffee shops, small local grocers, and farmers, amongst other goods and services providers in the area.
This economic experiment is “…empowering people to be able to make positive, economic decisions in their everyday lives,” says Brixton Pound Director Charlie Waterhouse.
The Brixton Pound allows customers to set up a PayPal like account, where they can pay vendors via text. Shop owners can then decide to reinvest in the Brixton Pound itself or exchange them for Sterling.
What do you think of the Brixton Pound and their efforts to keep money within their community? Do you think this would work for communities in the United States? Let us know!
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