Revitalizing Depressed Local Economies by Encouraging Local Trade

MyCurrency has the potential to provide what is a cash infusion into depressed local economies without requiring anyone to provide actual cash.

MyCurrency lets anyone issue currency that is backed by their own products/services. That means that local economies where many individuals and businesses are finding their skills, facilities and products/services sitting unused can convert that unused productive potential into money that they can then utilize in trade.

For example, a bakery has an industrial oven that is able to bake 500 loaves of bread a day but the bakery is only using it to bake 100, because the local consumers cannot afford to buy more with cash. In this scenario, MyCurrency offers the bakery two options to bake and sell the 400 additional loaves of bread.

One option is to trade those additional loaves for currencies/loyalty points of other stores, which could be stores that supply the ingredients to make their bread. So they can bake bread without spending cash on supplies, lowering their cash expenditure, and then have loyalty points left over as profit.

Another option is that they could sell the additional loaves of bread to other consumers who don’t have cash on hand but could pay through loyalty points.

Shop owners have the option to limit the MyCurrency-issued loyalty points that they accept from customers to a select few, like for example loyalty points that are issued by major businesses in their area, or from businesses that provides services and supplies that they actually need, like electrical contracting work or flour. This way, the bakery fully realizes the productive potential of its expensive baking equipment.

When every business in the community can operate at maximum capacity, everyone’s personal financial situation and purchasing power improves. This is the revolutionary promise of personal currencies offered by the MyCurrency App.

Download the app today to try it out! It’s 100% free!

Play Store / Android download:

App Store / iPhone download: