Local Coin is an alternative digital currency that targets financially poor, resource rich rural communities within the Global South.
These communities and their resources are often exploited by foreign multinationals and by corrupt governments. Local Coin aims to empower these communities to control their own resources and stimulate their local economy.
Local Coin is a product and service consisting of a digital wallet in the form of a ‘Local Coin’, which is unique to each user and processes the user’s transactions. The ‘Local Coin’ is carried by the user on a wearable that celebrates the community’s cultural identity. The transactions stored on the Local Coin are relayed to the digital platform. The digital platform acts as a digital bank, tracking the user’s transactions. The interface also collects and collates the data of its users to help make connections within the Local Coin community. Users can sign up to become Community Contributors, this connects members of different communities and encourages them to share knowledge and expertise on local sustainable trading techniques. Local Coin encompasses a new age of economic thought; no longer focused on individual wealth and consumption but rather a collective effort to preserve and enhance the environment for everyone.