The SoNantes community currency for the French city of Nantes will be launched in the spring of this year. The launch follows the completion of consultations with the Banque de France in December, 2014.
The currency, which will run alongside the euro, is open to both businesses and the general public. It is a result of a
European Union Interreg IV project, Community Currencies in Action (CCIA)*, which brought together the city of Nantes, Nantes Métropole, Crédit Municipal de Nantes**, CMA, CCI and CRESS.
Financed under the European Regional Development Fund, Interreg is an initiative that is boosting cooperation among regions in the EU.
The introduction of the new, all digital currency is expected to reduce the attached costs of buying goods and services in the area, help maximise profit margins, aid the development of local enterprise networks and promote sustainable
development. The value of the SoNantes will be pinned to the euro.
The organisers of the currency launch plan to recruit a team to manage the currency in February. It will then create an association of participants, La SoNantaise, in March ahead of an official launch in April.
Jacques Stern, director of Crédit Municipal de Nantes, said:
“SoNantes is not intended as a replacement for the euro. It is a means of exchanging goods and services that will play a significant role in supporting the sustainable development of the local economy.”
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