Money Made by Local Trade
Local Businesses Benefit from Local Currency
Local Talent + Local Businesses= Shared Abundance
Your Questions Answered:
Why is a local currency good for our local livelihoods?
Local Currency is a companion currency to the US dollar, so it’s worth the same value, BUT unlike the US dollar it encourages the exchange of goods and services locally, keeping income flowing within our community.
Over time, keeping currency local will create an economic stimulus for our region—allowing us to grow together.
Why is a local currency good for me?
Local Currencies help localize more trade, providing an economic stimulus for our region. It also adds an economic value to bartering, so we can help a person earn access to food and other basic needs, even if dollars never change hands.
Barter activities like:
offering website design,
giving a neighbor a haircut,
volunteering in a local garden,
or reading to a home bound senior
Is Local Currency a New Concept?
Nope: Local Currencies have been around for centuries! Historically local currency systems have mainly cropped up in periods when economies falter. Many communities are now embracing Local Currency to enhance the economy within their own community.
Historic Examples of Local Currency:
America’s Great Depression in the 1930s, and the more recent post-2008 economic turmoil in Greece are just two examples of where communities issued Local Currency. Their goals were/are to improve regional economies, and improve unemployment rates.
How does it work?
- Take and make digital payments with our easy to use app.
- Transactions are a 1:1 ratio with the US dollar, no complex math.
- Just add another checking account to your Quickbooks to manage your Currents.
Is it legal?
- YES! Local Currency is not a new thing; other communities have had this for centuries. The Hudson Valley Current has been at this since 2013, we have over 250 early adopters (check out our memberlist), and have spent over $200,000 in developing our platform to make it easy for you to join.
- For tax purposes, income is income to the US government and the Current is equal to earning and spending regular US Dollars.
- To help you, we provide tax statements and you pay taxes on your income just like US Dollars. To learn more click to view our accounting Q&A
Who profits from using Currents?
- Local businesses and the local economy profits! Spending local currency with a local retailer creates a strong multiplier effect, keeping that money local, but when you spend money with a big retailer your local region only sees about a fourth of that money!
- The Hudson Valley Current is a nonprofit organization that promotes local self-reliance through economic development and education about our economic systems, and increases opportunities for undeserved communities. We make money through optional membership fees, advertising in our newspaper, grants, donor gifts and sponsorship sales.
Local vs Big Business
Hudson Valley retailers and local businesses preserve over Four Times more money within the local economy than a big corporation or box store.