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Date Published: 02/09/2022

ARCHIVED - Barcelona starts minting its own currency: What exactly is the REC?

ARCHIVED ARTICLE

Barcelona has introduced the REC Cultural, a new type of social currency aimed at encouraging local spending

<span style='color:#780948'>ARCHIVED</span> - Barcelona starts minting its own currency: What exactly is the REC?

Barcelona has launched a pioneering project on September 1 that aims to encourage people to spend more money locally on cultural pursuits, support local businesses and create lasting networks between residents.

The REC (Real Economy Currency) Cultural is a social currency used in conjunction with the euro in participating establishments using an app.

Between September 1, 2022 and February 28 next year, the pilot project run by the Barcelona City Council will earmark 200,000 euros of the currency for use in shops, community centres and museums in the Sants and Poblo-sec neighbourhoods. Initially, 500 local families availing of social services will each receive a cheque for 200 RECs, and the rest of the funds will be doled out in the form of bonuses to anyone wanting to visit cultural venues.

Dozens of establishments have already signed up to the project and anyone who downloads the app will be able to exchange their euros for RECs, receiving a 50% bonus on the amount.

According to the council, the objective of the currency is based on “stimulating consumption, production and access to local culture.”

The project was actually launched back in 2018 through the European B-Mincome scheme when vulnerable families were given RECs to spend locally. Over a 14-month period, 789,592 RECs were put into circulation and the results were promising: a 33.4% recirculation rate between businesses was reached and public spending increased by an impressive 54%.

The ‘It’s up to the neighbourhood’ campaign between December 2020 and May 2022 followed this early success and the City Council has established that through RECs, public spending generates local wealth.

Using RECs as an alternative currency should “make it easier for money to stay in the area with a view to developing the local economy and relations between the local community and increasing the economic and social vitality of the districts,” according to the developers.

Image: Pixabay

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