11–20 of 61 posts
> So far, some £1m has been issued in the community currency, according to Mundy, of which about £700,000 is still in circulation.
These numbers don't feel very decisive to me. I could totally see another article citing them to show that the Bristol Pound is a failure.
Not sure I understand how this works. In what way is it different or more beneficial to Sterling if it's on parity?
It's a sort of voluntary capital control. It's convertible in only one direction and you can't spend it outside of Bristol. The effect is to encourage local circulation of money rather than letting profit escape Bristol. (I suspect, like a lot of local currency schemes, people also end up benefiting from tax evasion, although I've no evidence on that)
Not sure I understand how this works. In what way is it different or more beneficial to Sterling if it's on parity?
It's a sort of voluntary capital control. It's convertible in only one direction and you can't spend it outside of Bristol. The effect is to encourage local circulation of money rather than letting profit escape Bristol. (I suspect, like a lot of local currency schemes, people also end up benefiting from tax evasion, although I've no evidence on that)
As I recall, when the scheme started, it offered a 10% discount on Bristol pounds but then would convert back at a 1:1 rate.
> Some 800 businesses in the Bristol area now use the community currency > So far, some £1m has been issued in the community currency, according to Mundy, of which about £700,000 is still in circulation. These numbers don't feel very decisive to me. I could totally see another article citing them to show that the Bristol Pound is a failure.
Earlier quoted context omitted.
It's a sort of voluntary capital control. It's convertible in only one direction and you can't spend it outside of Bristol. The effect is to encourage local circulation of money rather than letting profit escape Bristol. (I suspect, like a lot of local currency schemes, people also end up benefiting from tax evasion, although I've no evidence on that)
You can - at least in theory - convert it back. As I recall, when the scheme started, it offered a 10% discount on Bristol pounds but then would convert back at a 1:1 rate.
I live in Bristol and had never heard of the Bristol Pound until this article. It's hardly giving sterling a run for its money.
I've never seen one in my life. I've spoke to some of the people in the local shops and cafes near the office, and they've never seen one either. A mate of mine works in a restaurant down the road, and he says they've got a few in, but have never had to use them because no one ever uses the Bristol Pound. The only people that they've ever seen with them are tourists or foreign students that want a souvenir from their time in Bristol.
They're nothing more than a tourist novelty. If they're nowhere to be seen in Stokes Croft, probably the key independent area of Bristol, I seriously doubt they're used anywhere else.