BNote: Local Currency Encourages Local Spending


As reported in the Baltimore Sun, the BNote, an experiment started to help Baltimore’s local economy during the recession, has continued to grow over the past two years.  As reported,

After two years, the number of businesses that accept the BNote has tripled and extended beyond Hampden, where most of the first businesses in the network were located.

There are brick-and-mortar businesses like attorneys, counselors, florists and schools now in the network. There also are citywide services, like plumbers and musicians, and businesses that are owned by Baltimoreans but exist only online.

There are dozens of local currencies across the globe, as described by the Sun, that function to encourage more local spending.  The article describes next steps for the BNote, which includes a text-based payment system and denominations of 10 and 20 in addition to the 1 and 5 which already exist.

On the outlook of local currencies like the BNote, an associate professor of the University of Southern Maine is quoted as saying, “The movement is growing right now,” . . . “Time will tell.”

For more information, see the full story from the Sun.