Quote : Liberation (2019) French newspaper
No local currency has yet found a sustainable business model.
Diana Finch, director of the Bristol Pound, the largest local currency in the UK, describes the advantages and obstacles encountered in making their project sustainable.
As director of the Bristol Pound, one of the last remaining local currencies and one of the few that can be used to pay local taxes, Diana Finch welcomed us to her office in the port city in southeast England to explain the benefits of this local currency and the challenges it faces.
How does this local currency work?
The Bristol Pound was launched in 2012. It can be used in two forms: paper or digital. Many individuals use the app, which allows them to pay in stores, while businesses tend to use our online platform, which is similar to an online bank. In total, only 10% of transactions are carried out in paper currency. As with all local currencies, the idea is that this money can only be spent in independent businesses in Bristol. The money circulates within these local circuits without feeding the big chains and multinationals. At least, that's the theory.
Does it work?
Partly. The system isn't perfect because it's also possible to convert Bristol pounds into pounds sterling [the national currency of the United Kingdom]. We also notice that many people don't spend their money, even though the goal is for it to circulate in order for the system to function.
We also remain on a very small scale. In 2018, we processed the equivalent of about one million pounds sterling in transactions [1.17 million euros]. This may seem like a lot compared to many local currencies, but when you compare this figure to the Bristol economy, it's a drop in the ocean. To have the impact we want—that is, to help redirect the economy to be more resilient, more local, more independent, less unequal, and more environmentally friendly—we need to scale up.
What obstacles are you facing?
The main problem is our payment technology. It was launched in 2012 and is now obsolete compared to those used by traditional banks. Furthermore, we're stagnating in terms of the number of affiliates because we used the wrong marketing message. Initially, we presented our currency as an almost activist project, one that was supposed to revolutionize the economy. The people who followed us were committed individuals, often with PhDs in economics. They were easy converts. But many people felt rejected by our almost guilt-inducing rhetoric. They thought: this isn't for me. Since this summer, we've launched a new communications campaign aimed at reaching more local businesses and helping them understand that, beyond the political aspect, it's a very useful tool for building networks and fostering customer loyalty.
More broadly, no local currency has yet found a business model to ensure its financial survival. This is why they are disappearing one after another in the UK. We are trying to avoid this pitfall.
. Ho contattato Xavier ma non mi ha risposto. Come posso fare? 
