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Bristol Introduces Local Currency: Reasons And Possible Consequences For British Pound

16 August 06:27 PM

Every independent state has its own national emblem, flag, hymn, traditions, language and currency. Without a currency it is difficult to imagine a country’s sovereignty. The authorities always prosecute those why try to forge money or introduce analogs (like the so-called “Mavres” introduced by Mavrody, the founder of the infamous international financial pyramids called “MMM”, “MMM-2011”, “MMM-2012”.

Bristol, a British city, has recently surprised the entire world by its decision to introduce an alternative currency – the Bristol Pound (http://bristolpound.org ). How did the Bank of England react to the event and what are the possible consequences of introducing the Bristol Pound?

Introducing Bristol Bound: Reasons

When you visit http://bristolpound.org, the first statement you can see reads:

“The Bristol Pound is real money made for Bristol. It is designed to support independent businesses in and around Bristol, retaining and multiplying the benefit of every pound spent for ordinary people and businesses.”

The currency will become available on September 19th 2012.

At this point, over 100 local companies seem to be interested in using the Bristol Pound.

The local authorities hope that the introduction of the alternative currency will support local businesses.

The exchange rate is said to be 1 British Pound to1 Bristol Pound - parity.

Why Join the Bristol Pound

http://bristolpound.org/whyjoin - the page reads the following:

“The Bristol Pound is about making Bristol stronger. By joining together in using Bristol Pounds more money will continue to circulate around the city meaning the collective benefits will grow and grow.

For Individuals:

5% bonus when exchanging sterling into your Bristol Pound account. That's 5% extra spending power (available on the first £100,000 of deposits into Bristol Pound accounts).

Gain access to special offers exclusive to Bristol Pound users.

Support Bristol’s independent sector, help keep high streets alive and diverse.

Be part of a movement to support our city. Discover something new, unique and creative about Bristol.

Support local producers via our Farm-Link Initiative.

For every Bristol Pound in circulation there is a pound held with Bristol Credit Union strengthening this local and ethical alternative to the high street banks.

For Businesses:

Direct access to £B account holders, who are actively looking to spend - access to more customers.

Free promotion & marketing via online directory, print press, facebook, twitter

Benefit from the high profile and media coverage of the Bristol Pound.

Strong branding to help differentiate & compete against big nationals & multinationals.

Opportunities for increased business-to-business networking for suppliers and retailers.

Pay business rates to Council, who will in turn pay wages to staff.

No-risk.

Very low cost to use.

Fast, easy, innovative payments.”

On September 9^th, 2008, Lewes (another British city) introduced its own currency – the Lewes Pound - to help local people to save their money from inflation and financial shocks around the globe.

British Pound: Reaction

According to Lionstone Investment Services, the British Pound has shown no reaction to the event so far and is unlikely to show it in the future.

The experts say that such local currencies are certificates rather than money. They say a local currency won’t save the citizens of a certain town from force-majeure and major shocks. In particular, if any country decided to leave the UK or the eurozone, this would definitely be a shock for the British Pound or the Euro. In this case, both the federal and local authorities would have to be tough in their actions.

According to Masterforex-V Academy, GBPUSD is forming a mid-term rally. A break above the local high at 1.5727 will continue the uptrend. If this is the case, 1.5729 and 1.5766 will act as the closest major levels of resistance. Alternatively, if the price does break below 1.5659, it will resume the recent bearish move. A break below the bottom of the MF sloping channel will start a major downswing.

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