Currently, there are more than 2,000 regional currencies in different countries around the world, including in France, Germany and the United Kingdom
As Nashagazeta.ch writes, the association managing the circulation of the Valais currency has about sixty members. It will soon start printing new banknotes, said David Dreyer, one of the four initiators of the project, in an interview with RTS radio and television company.
According to him, he did not expect such success: currently, 115,000 banknotes are in circulation in the canton, accepted in 160 stores. In addition, there are nine exchange offices in Valais.
A little further west, in Geneva, the local currency – the Léman (French: Léman) – is also successfully fulfilling its function. Bright banknotes are used by about 6,000 people, and about 150,000 Léman are in circulation in the Lake Geneva region – both on Swiss and French territory. The Monnaie Léman association, which manages the circulation of these banknotes, released them in electronic form on October 27. About fifty people have already opened online accounts in Léman.
The association's website notes that in the future, it will be possible to spend the regional currency using a special smartphone app. In addition, a system of interest-free lending is planned for businesses that are doing well but lack funds. Meanwhile, paper Léman are accepted by more than 450 stores and businesses, some of which partially pay salaries to their employees with them.
In the canton of Vaud, from December 2016 to April 2017, the Isenau currency (named after the valley near the village of Diablerets) was in circulation in the amount of 50,000 banknotes. This money could be found in the municipality of Ormont-Dessus, which includes Diablerets. Although the success of Isenau did not meet the initiators' expectations, the positive aspect of this story is that the regional currency attracted attention, noted Pierre-Alain Verrot, director of the Diablerets ski school.
Switzerland also has a 'veteran' local currency – the Basel WIR (abbreviation from German: Wirtschaft – economy). These banknotes first appeared in circulation in 1934 as a necessary measure during the economic crisis. Currently, more than 45,000 small and medium-sized enterprises use WIR for payments to suppliers and for investments.
Jean Rossiaud, president of the Monnaie Léman association, noted that using a regional currency is not a form of protectionism, but a way to strengthen the economy, which relies on a network of businesses. Banknotes introduced in a specific area allow companies, customers, and suppliers to get closer and get to know each other better.
For his part, Thomas Birbaum, a deputy of the Grand Council of the canton of Valais, emphasized that the local currency, pegged to the Swiss franc, has inherited its 'diseases' related to exchange rate fluctuations, but has not inherited its strengths, since with the local currency you can only make purchases in stores in the Lake Geneva region.
While experts debate the strengths and weaknesses, the farinet website is running 'Operation Christmas', the goal of which is to encourage consumers accustomed to giving loved ones gift cards from Coop, Migros or Amazon to switch to farinet.
By the way, the Swiss are not alone in their desire to introduce regional currencies: similar projects have been implemented in various parts of other European countries. Today, 'local money' is in circulation in Scotland, Iceland, France, Greece, Catalonia, Sardinia and other states.