by Nikos Ntounis and James Scott Vandeventer
Alternative currencies have been around for many years, to the point that they can be seen as a rather old technology for dealing with societal, economic, and developmental changes. Indeed, the first forms of alternative currencies were presented during the cash-poor interwar era in Europe and the US as an attempt to incentivise spending, discourage saving, and keep local economies afloat in a time of severe unemployment, poverty, and uncertainty (NEF, 2015). Fast forward almost 90 years, and similar issues pertain to the vast majority of our cities and towns, not only in the UK, but around the world. Unsurprisingly, alternative currencies are on the rise in various forms: timebanks, time-credit systems, local exchange trading systems, complementary currencies, convertible local currencies that are backed by the national currency, etc. More recently, cryptocurrencies such as Bitcoin have risen to prominence and gained immense political and monetary value as decentralised transactional networks that injected a huge influx of money into a new marketplace that was ready to dismiss the old system of fiat money (Matchett, 2017).
CounterCoin, a new alternative currency developed by a team of economic and social development practitioners, while still in its infancy, is already helping people make a change to the town centre of Newcastle-under-Lyme. We were recently invited to a meeting in the “headquarters” of CounterCoin, the Cultural Squatters community café in York Place shopping centre, in order to join the team spearheading the creation of this new alternative currency. Continue reading “CounterCoin and Cultural Squatters in Newcastle-Under-Lyme”