Regional/Local/Community Currencies Definition
Regional, local, or community currencies are types of currency that are not nationally recognized but are used within a specific geographical community. These currencies are generally created by communities to encourage local economic growth, support small businesses, and foster a sense of community. They are a form of complementary currency that exists alongside the national currency.
Regional/Local/Community Currencies Key Points
- They are not nationally recognized currencies but are used within a specific geographical community.
- These currencies are usually created to stimulate local economic growth and support small businesses.
- They are a form of complementary currency, existing alongside the national currency.
- They can be physical or digital, with some communities adopting blockchain technology for their local currencies.
What are Regional/Local/Community Currencies?
Regional, local, or community currencies are alternative currencies used within a specific geographical area or community. They are not nationally recognized currencies, but they are accepted by businesses and individuals within the community where they are circulated. These currencies are typically created to stimulate local economic growth, support small businesses, and foster a sense of community.
Why are Regional/Local/Community Currencies used?
These currencies are used for several reasons. Firstly, they can stimulate local economic growth by encouraging people to spend money within their community. This can help to support small businesses and create jobs. Secondly, they can help to foster a sense of community by creating a unique local identity. Finally, they can provide a way for communities to become more self-sufficient and resilient in the face of economic downturns.
Where are Regional/Local/Community Currencies used?
These currencies are used within specific geographical areas or communities. They can be found all over the world, from small towns in the United States to large cities in Europe. Some well-known examples include the Bristol Pound in the UK and the BerkShares in the United States.
When were Regional/Local/Community Currencies created?
The concept of regional, local, or community currencies is not new. They have been around in various forms for centuries. However, the modern movement towards these types of currencies began in the late 20th century, with the creation of currencies like the Ithaca Hours in the United States.
How are Regional/Local/Community Currencies created?
These currencies can be created in a variety of ways. Some are created by local governments, while others are created by community organizations or businesses. They can be physical currencies, like coins or notes, or they can be digital currencies. Some communities are even using blockchain technology to create their own local digital currencies.
