Another Community Currency on the way

New community currencies are popping up like wildfire, as you would expect in these interesting times!

A voucher system called LOAVES (Local Origin Ashhurst Voucher Exchange) is soon to be launched in the Manawatu. The people behind it have done their homework to ensure they give it every chance of success, so I am keen to follow it as it moves out through the Ashhurst community stimulating their local economy.

Phil Stevens holding up an early draft voucher design by Jill Walcroft

So what are the stats on Community Currencies? Check out the graph below for an indication. I'd love to see an updated version of it, which only goes to 1990, but shows the sharp increase in the number of Community of Complimentary Currencies in different parts of the world. currencies.jpeg
The growth of local currencies to 1997

In Britain, new currencies have been a key part of helping Transition Town communities as they move from oil dependency to local resilience. Now there is a book out, that will tell you everything you need to know about how to setup a currency in your area and why its a really good idea.



Pete North with his new book:

Local Money: how to make it happen in your community


And a few more links: - NZ's Living Economies website

Local Currencies posts - on Rob Hopkins Transition Culture blog

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Where does GST fit into the community currencies or does it?

GST implications of CC

The IRD treats alternative exchange mechanisms (including barter) as consideration. If a person is GST registered or the turnover is greater than $60,000 for the tax year, then GST must be collected, reported and paid. Of course, it can be recouped on qualifying expenses, just as in the cash world.

NB: I am not an accountant or tax lawyer.