Whistler should start its own Currency
Updated: Dec 16, 2022
What would happen to our local spending power if we created our own currency?
Currency names like Whistler Dollar? WhisCoin? The Dub (W)?
For ease of explanation, let's call it WhistlerCoin. It would not be a Crypto Currency, that involves a blockchain and is different.
It would be created with the social goal of supporting the local economy and locals who live in Whistler. It would not replace the Canadian dollar.
If local businesses accepted WhistlerCoin, then only WhistlerCoin could be spent and earned in Whistler. WhistlerCoin would stay in Whistler, and locals would thrive. Just like its own country, as demand for Whistler and its amazing tourism economy grows more and more, the demand (and thus value) of the WhistlerCoin would increase relative to the Canadian dollar. WhistlerCoin could be earned via tips from tourists, a small fee on hotel bookings, local businesses could start paying 0.1% of salaries to staff in WhistlerCoin. That WhistlerCoin earned would and could only be spent in Whistler, and the money would circulate LOCALLY.
The whole idea is to stimulate the local economy and local spending and earning.
Local businesses would be more likely to buy from local suppliers too!
>>>>Success is dependent on achieving a network effect—the more individuals and businesses willing to accept it, the more useful it becomes.
From around the internet:
"The biggest benefit of the currency is that it is a good way of keeping the money within the region that it was earned, instead of spending it at large multinational companies paying taxes somewhere else."
"Complementary currencies also offer something national currencies do not, proponents argue, by keeping money in the community. BerkShares, the most widely known example of a local currency, are accepted by more than 400 retailers, service providers, and manufacturers in the Berkshire region of western Massachusetts. Individuals receive a 5% discount at those retailers when converting dollars to BerkShares—a small incentive to promote the use of the currency. While businesses can redeem BerkShares for dollars, they can also spend them at other vendors in the network to bolster the local economy even further"
WhisCoin can start with the Whistler Chamber of Commerce getting businesses on board to accept the local currency idea. I am going to get in touch with Executive Director Louise Walker and discuss this idea.
Update: I spoke with Louise Walker in November 2022 and she says the Chamber has too much on their plate for this next year and will not have any time.
Let me know your thoughts on this idea.