The Bristol Pound and the Brixton Pound were touted as the saviors of the British High Street—but their progress as local currencies was cut short, in part by fears over the use of physical cash during the coronavirus epidemic.
Now, inspired by cryptocurrencies, the two independent projects are drawing up plans to go digital in the form of tokens and, eventually, as stablecoins.
Their aims remain decidedly altruistic: they intend to revitalize battle-weary communities, reward positive behavior, and encourage community sustainability initiatives. Yet the history of local currencies is littered with broken dreams—as well as critics who question both the utility of blockchain and a localized approach. So what are the chances of success?
What are local currencies?
The idea for local currencies originally centered on a physical note specific to a local area, town or city. In the UK, it took off in cities such as Bristol, Liverpool, Hull, and Exeter; the London boroughs of Bri
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