A group of independent traders in Bristol has launched a local currency with more than 350 businesses, making it the UKs largest alternative to sterling. Though other areas have tried such a scheme, the Bristol Pound is the first to use mobile technology.

People can spend Bristol Pounds at participating shops either using the paper cash, or trade electronically from a Bristol Pound online bank account via text message or the internet. 

A spokesperson from the Bristol Pound told us: “In the past, local currencies have only used paper money, which is somewhat out of date considering the high percentage of payments which are now made electronically. We have developed a safe and extremely fast electronic payment system, with the financial backing of the Tutor Trust, and in conjunction with the Brixton Pound.”

The Bristol Pound has a 1:1 exchange rate with GBP and is being run by Bristol Credit Union, with all funds guaranteed by the Financial Services Authority.

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