| Why
have a local currency?
Benefits for the community
A local currency promotes local trade and
helps communities by:
Strengthening the local economy:
According to research by the new economics foundation (nef),
money spent in local outlets stays in the community and benefits
it up to 3 times more than money spent in a supermarket.
Raise awareness of the possibility
of local trade: A local currency brings local trade
into the public awareness, as a result of which residents
will be able to make a more informed choice when they go shopping.
Building community spirit:
A local currency brings the community together. It is a common
thread throughout the community that residents identify with,
and feel proud of. Furthermore, communities that use local
currencies use this as a focal point for communications and
local events.
Reducing carbon footprint:
Local businesses are more likely to buy from local suppliers,
further growing the local economy and reducing the miles goods
have to be transported to reach consumers.
Strong community profile: Many
communities using local currencies have found that having
a local currency puts the community ‘on the map’
and helps to attract visitors and press to the town. It also
raises the town’s profile should it seek to raise funds
for community initiatives.
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