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Paris flirting with the idea of a local currency

Categories : Cash is trust
September 6, 2016
Tags : Consumers, Currency, Europe, Trust
Paris might be the next candidate to launch a local currency.
Communication Team / Equipo de Comunicación

The City of Light may soon become the 5001st local currency in the world as the association Une monnaie pour Paris (A currency for Paris) negotiates with City Hall about its launch. The currency, that could be called La Seine (as the river that crosses the French capital), would be launched in the Fall of 2017. 

The association’s president, Lucas Rochette-Berlon, believes that local currencies are the best way to respond to unemployment issues as it gives people the power to boost the local economy in a globalized world. 

These currencies are experiencing a growth in popularity. In the past five years at least 30 have come to life in France alone. Complementary currencies, as they are officially called, are not meant to overrun national ones but simply to work in parallel in a defined area or region. The purpose of these local monies is to encourage local production and consumption, feeding local economies and supporting artisans and small shopkeepers.  

The movement is greatly supported by consumers who are increasingly concerned about the origins of their purchases. Through this local money, they will be guaranteed products 100% Made in France

The project will require good coordination and impeccable logistics as the Parisian territory covers 105 km2 for over 2,2 million inhabitants. The other challenge the initiative faces is the red tape of the French Administration, contrary to similar projects that have flourished in England and Germany. 

Although Paris City Hall is currently collaborating and supporting Une monnaie pour Paris, the association is expecting to finance it through a crowdfunding initiative to preserve its full independence. 

To read Télérama’s full article [in French], please click here.