You may have known about the Ithaca Hour, a complementary community currency, that has been featured in many news sources. However, the latest is Ithaca’s launch of a digital currency by Ithacash.
“TXT2PAY” will soon allow Ithaca residents to text local shops their payments directly, with the entire transaction done digitally…
New York money may become known for more than only the Wall Street Money Mafia… ~Ron
A startup local currency has just launched the Ithaca dollar in Ithaca, NY, designed to not only promote investment in local businesses and bring the community together, but to also pick up where one of the most successful alternative currency experiments in the US, the Ithaca HOURs, has left off.
The new Ithaca dollar is produced by a company called Ithacash, and for the moment is exclusively in digital form. The company founder, Scott Morris, is keen to keep local money within the local community. Local currencies “generate a lot of social and economic wealth,” said Morris to CNYcentral.
The new currency has a one to one parity with the US dollar, although when an individual buys into the scheme they receive 125 Ithaca dollars for their first $100 deposit. This equates to i$100 to spend in the community and i$25, which they can donate to a cause of their choosing “as a thank you for sacrificing the liquidity that you had with those US dollars,” explains Morris.
Over 100 local businesses have so far signed up to the scheme, with some already accepting payments via text message. Paper bills are also planned, although federal law prohibits the use of coins and denominations of a value less than a dollar.
Read More: http://cointelegraph.com/news/114928/ithaca-ny-launches-its-own-digital-currency-to-boost-local-economy