Entrepreneur Pavel Bains argues in a recent article that the time is ripe for cities to create their own digital currencies by observing that national currencies do not work for the for all of a country’s urban areas.
The benefits of a local currency are well understood and their viability is proven by the success even before the cryptocurrency revolution by the likes of the Bristol pound and the Brixton pound. Internationally city states such as Hong Kong and Singapore can respond rapidly to changing economic conditions and can plan and implement policies accordingly.
In the UK as already stated there is the success of the Bristol pound and the Brixton pound established years before digital currency was a practical solution. Recently the Liverpool pound has been successfully launched and is likely to be followed by the cities of Glasgow and Birmingham.
The list of cities and towns in the UK experimenting with local currencies is growing rapidly and can be viewed as a reaction to the failing economic policies of central government and growing inequalities within regions. Coupled to this is the rise in secure digital currency systems such as Bitcoin and the UK’s 80% penetration of smart phones as a means of payment indicates that this is not a fashionable trend but long term change in how ‘money’ is utilised within society.
The question is….why is Manchester missing from the list below
Resources : Guild of Independent Currencies