Thursday, 5 June 2014

Bristol pound - If you are currency you need FX regulation.

Could I ask that the regulator doesn't forget during this new crack down on currency market manipulation to include the local gift voucher market known as the Bristol Pound that insists upon calling itself a currency?

 It is promised to be pegged to Sterling at 1:1 but there is a 3% FX charge, local shops may offer discounts if paid in it - trading at a rate other than parity to GBP when its pegged to GBP is pure market manipulation, it has a running cost that has never been disclosed ( though I would guess it is close to 1GBP cost per 1BP in issue), has its success measured solely against circulation numbers (in which case a more successful alternative may be Herpes) rather than any measure of increased Bristolian business with any benefits being assumed and unproven.

Alternatively Bristol Pound could give up its claims to being a true currency and instead have itself listed under  "alternative medicines"  as it is homeopathic money at best.

The BP  is still probably running to this schedule The 19 stages of the Bristol pound

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