Institute of Swedish Safety & Security


Risk Management & Crisis Preparedness




FEASIBILITY STUDY FOR LOCAL COMPLIMENTARY CURRENCY

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Concluded in September 2013, the project studied the feasibility to implement a local currency within Upplandsbygd region. The project will study an existing local currency model in the United Kingdom that was established in 2012 (Bristol Pound) utilising different approaches, platforms and with varying demographics in their respective communities.


The project carried out a survey of the local community to understand the perspectives from both 50 residents through personal questionnaires in the streets (meeting and talking to local residents) and 50 local businesses (through email and web based survey forms), leakage, issue duration for paper notes used within each community.


The study was performed through dialogue and previous meetings with the respective local currency organisations in the United Kingdom.  The project studied and analysed the successes, failures and challenges of the local community currency.


The project carried out a demographic study of the kommun within the Upplandsbygd region. The most suitable kommun, taking in to account the requirements for a successful local complimentary currency model, Sigtuna kommun, was then studied. This included a survey of relevant local businesses through email and web based survey forms, up to 100 consumers through personal questionnaires in the streets (meeting and talking to local residents) and local community. The project engaged and included the local Transition Sweden   groups within Upplandsbygd during and after the project lifecycle.


The project analysed the survey and study data and select the most appropriate kommun, Sigtuna, in the region to implement a pilot case for a local community currency. This included  the analysis of specific needs to meet the local community’s requirements including technology platforms, SMS, internet, paper and bespoke card payment systems. The project is aware that Sweden is one of the world leaders in a movement towards a cashless society and it will examine the potential for a bespoke local currency payment card that is not linked to traditional merchant payment systems, but instead relies on a bespoke local platform providing a comfort and familiarity factor to the end user and local business alike.


The project also examined, and studied, alternative local payment methods existing in Sweden including payments in time, eco payment systems and re-investment returns to agriculture sectors through supplementary payment systems at point of retail. The project will create a new network providing a think-tank focused on local economy and sustainable development, consisting of representatives from those organisations surveyed during the study.The project has created a model for a pilot case. The model exceeded all expectations through the innovative mechanism to a) inject ‘local complimentary currency’ in to the local economy ‘without cost’  and to anchor the local complimentary currency to bio-mass (carbon sequestration). This in turn addresses the critical need to redefine the waste management model in Sweden. The report also examined the potential benefits to the local economy through existing models and local survey analysis, investigated potential funding solutions for the pilot case. In conclusion, a detailed method of implementation, timescales, costs and conclusions on the projected take up and effect - local economic growth and sustainability was delivered and presented by the project team.


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