UK’s first local e-currency launches as Brixton Pound marks second anniversary

The B£ e-currency launches at an event on 29 September at the new Brixton Electric venue, which will be opened by Chuka Umunna MP, Shadow Minister for Small Business and Enterprise and MP for Streatham. Derrick Anderson, Chief Executive of Lambeth Council, and local market traders holding stalls will also attend the event, at which the new e-currency will be demonstrated before it goes live on Friday 30 September.

The local e-currency, developed through a collaboration between the B£, Lambeth Council and nef (the new economics foundation), enables ‘pay-by-text’ transactions with no fees or hire charges for customers or participating businesses beyond regular mobile phone tarrifs. The system, yet to be adopted by any major mobile phone networks or banks, will provide a cost-effective alternative for small businesses to process electronic payments.

Chuka Umunna MP, Shadow Minister for Small Business & Enterprise & MP for Streatham (covering Streatham and parts of Clapham, Balham, Tulse Hill and Brixton) comments: “The Brixton Pound has made a real difference in boosting the local economy, encouraging sustainable shopping and supporting our local businesses – particularly small and medium sized enterprises. It is great news that the Brixton Pound will now operate electronically too and I am pleased to be speaking at the launch of this new endeavour.”

Josh Ryan-Collins, co-founder and Director of the Brixton Pound and Senior Researcher at nef comments: “Electronic money now dominates our economy. It is mostly created and controlled by large commercial banks, who, as we have seen, can be reluctant to support small businesses when times get tough. The Brixton Pound e-currency is a small but important step towards democratizing our monetary system and ensuring the vibrancy and resilience of our local economies.”

The event, which marks the second anniversary of the B£, will also see the release of newly designed B£ notes for sale and exchange, featuring:

• B£1: Lenford Kwesi Garrison, academic, community activist and co-founder of the Black Cultural Archives (1943-2003)
• B£5: Luol Deng, professional basketball player for Great Britain National Basketball team at the London 2012 Olympics and the National Basketball Association's Chicago Bulls (born 1985)
• B£10: David Bowie musician, actor and record producer. The Bowie family lived at 40 Stansfield Road, Brixton from 1947-1953 (born 1947)
• B£20: Violette Szabo, GC, MBE, Second World War British secret agent. Born in Paris, she moved to London with her family and attended school in Brixton and later worked in the local Bon Marche department store. Violette was involved in a number of dangerous missions in France during the war as depicted in the 1958 film Carve Her Name With Pride. She paid the ultimate price for her heroism, being executed after suffering torture at the hands of the Gestapo, though never revealed any secrets. Violette was the second woman to be awarded the George Cross bestowed posthumously on 17 December 1946 (1921-1945)

Cllr. Steve Reed, Lambeth Council leader comments: "The B£ is an exciting and hugely successful project that is giving a real boost to local independent shops, and Brixton Pound Community Interest Company deserve tremendous credit for its success so far. The new pay by text pilot marks an exciting phase in this project and will open up even more opportunities for local businesses and the local economy.

Luol Deng Great Britain National Basketball team and the National Basketball Association's Chicago Bulls comments: "It’s an honour to be featured on one of the new Brixton Pound notes. I grew up in Brixton as a young teenager playing for the Brixton Topcats Basketball team which marked the beginning of my career. So it is with great pleasure that I am helping to support the local community that played a vital part in getting where I am today."