Sep 14, 2017
An Israeli company called Colu has launched a local digital currency in Liverpool, which aims to revitalise the local economy by cutting out the banks. "Since the financial crash of 2008, businesses have completely fallen out of love with the banking system and realised how ruinous it can be. It's nice if local businesses can get round the inconvenience of banks that don't understand them." More than a quarter of a million local pounds have circulated so far in Liverpool. He is a user of the app and a fan of local digital currencies in general. "A council like Liverpool could use this to ensure money stays local. We know when people spend money locally with an independent, 65p in the pound stays local. If they spend it with a big global organisation, it will be about 30p instead," he says.
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