Important information for members and supporters.
The Bristol Pound CIC has written to its scheme members and supporters to let them know some Important information about the future of the Bristol Pound scheme.
Bristol has maintained one of the world’s most successful local currencies for over 7 years, having launched back in 2012.
A lot has changed since the Bristol Pound was set up: with the introduction of contactless payments, the movement towards a cashless society, the accelerated death of the high street and the increasingly pressing climate emergency, to name a few, and the team is now focused on developing a new local currency solution fit for the new decade.
Funding for the Bristol Pound CIC (BP CIC) and the Bristol Pound scheme (£B) has not been forthcoming, and so the BP CIC has had to take the difficult decision that unless further funding is secured by the end of February they will have to begin to close the digital £B.
Digital £B accounts are provided by Bristol Credit Union (BCU) under an agreement between BP CIC and BCU, and if the BP CIC is in the position of having to close the digital £B then this does mean that BCU will, therefore, be closing down digital £B accounts too.
At the moment though this point hasn’t been reached, and all digital £B operations continue as normal.
If the digital £B is withdrawn then the default position is that following notice in accordance with the account Terms & Conditions all digital Bristol Pounds will be converted to a sterling account with BCU. Funds can be left with BCU to continue to support the work of the credit union, or are freely withdrawable in accordance with our normal procedures.
All digital Bristol Pounds are issued by us at Bristol Credit Union and are backed £1 for £B1 with sterling.
Bristol Credit Union remains very strongly capitalised, well in excess of our regulatory requirements, we have high levels of liquid funds, and our overall operations are not affected by any changes to the Bristol Pound scheme.
All deposits in Bristol Credit Union, whether in sterling or in £B accounts are protected by the Financial Services Compensation Scheme up to £85,000 per depositor.
If you have any questions about this announcement then the BP CIC can be contacted on 0117 929 8642 or by emailing info@bristolpound.org.
If you have any questions about your digital £B account then, as usual, please continue to contact BCU on 0117 924 7309 or by emailing info@bristolcreditunion.org.uk.
