An electronic complementary currency, the WIR Franc is part of the new WIR Bank which has served small businesses in Switzerland since 1934. The Bank was formerly called the WIR Economic Circle Cooperative, the acronym representing the German abbreviation of “we,” emphasizing the community- centered tool. Founded by two men seeking to remedy the devastating effects of the Great Depression, the WIR is a non-interest-bearing currency which intends to “create prosperity and prevent unemployment.” Pegged to the value of the Swiss France, the WIR Franc’s bartering system was created specifically for small to medium businesses, to facilitate trading during economic recessions. Beginning with just 16 members, the asset-backed currency now serves over 60,000 participants. WIR is now inviting the general public to benefit from the cooperative system. Learn how the business coop evolved into a community bank by clicking here!
Posts Tagged ‘community currency’
OK, I’m not crazy about the headline, because we should all know by now that community currency is not “funny money.” But CNN was here this week to look at our Equal Dollars market, which helps Philadelphia families put food on the table, and Equal Dollars is features in CNN’s report on community currencies.