The following schema looks a bit more in depth at the roles different groups might play in a currency system – considering six levels of engagement.
These vary depending on what role each party plays, how much resource they contribute and what benefits each stakeholder stands to gain: - Leading - Integrating - Co-partnering z Sponsoring - Participating z Championing
The levels are by no means static. For example, a stakeholder might initially champion a currency, and later become a participant by accepting the currency for their services.
A consortium of stakeholders might come together to lead a currency – such as in the case of the Makkie in East Amsterdam, where the local authority shares responsibility with local NGOs.
Most involved: Leading a community currency or integrating it into daily operations
# Leading
A stakeholder may opt to run the community currency, becoming both the lead operator and promoter. This could be, for example, a local authority, chamber of commerce or NGO. The lead stakeholder carries out the day-to-day tasks of running the currency, and is responsible for engaging users.
# Integrating
At this level, a stakeholder may be significantly involved without actually running the project, instead integrating the currency into their systems. For instance, a local authority may pay contractors with the currency, stipulate usage of it in contracts, accept the currency as a form of tax payment or offer to pay staff members a portion of their salary in the currency. In this way, the currency becomes embedded into the council’s procurement, social care and environmental policies.
A business could integrate the currency into core aspects of its running – not only through accepting the currency in exchange for providing goods and services, but, where possible, through paying some staff salaries or bonuses in it, as well as promoting the currency along its supply chain and using it to buy goods. Such a business would be actively involved in the running of the currency and would have a say in its developments.
# Less involved: Co-partner or sponsor a community currency Co-Partnering
A co-partner would be an equal partner with one or more organisations committed to running the currency. A stakeholder at this level may not have instigated the currency, but can provide ongoing technical expertise for the project, such as ICT or fundraising.
A co-partner could also provide administrative processes, develop or invest in training, or assist with performance evaluation. All of these areas are key to changing organisational culture and encouraging front- line staff to embrace the initiative.
# Sponsoring
Sponsoring a group or organisation to operate a community currency is another way to be involved. Sponsorship is typically financial and may be part of an international fund or local grant.
Stakeholders at this level may have a great deal of say over how the sponsorship is used and may regulate the currency, or may fund the currency to fulfil some of its local aims but otherwise remain at arm’s length.
Alternatively, a stakeholder such as a local business could sponsor the currency in a non-monetary way, by providing facilities such as ICT, space or materials.
# Indirectly involved: Participating in and championing a community currency
# Participating
At this level, stakeholders are involved in using the community currency, without necessarily providing support or integrating it into their systems, but might issue the currency as reward or payment, or use it to buy supplies.
A stakeholder at this level might allow residents or other businesses to pay for services in the currency without necessarily re-spending it – converting it instead back to a mainstream currency.
Alternatively they might consider their involvement as a donation – providing excess capacity to the scheme as a conscious loss – for example by accepting time-credits for swimming sessions during quiet periods at a local pool.
Participation at this level provides important validation of a currency scheme, broadening the remit of spend options for users and instilling trust in the project.
# The Bristol Pound and council tax
In March 2015, Bristol City Council became the first local authority in Britain to accept a community currency – in this case, the Bristol Pound – as a means to pay council tax.
As well as representing a landmark for the community currency movement, the council’s announcement essentially guarantees that anyone holding Bristol Pounds will always have a spending opportunity – everyone needs to pay council tax.
Gaining this level of participation from a council helps hugely in building trust in a currency and establishing belief in its value.
# Championing
Even if stakeholders do not want to directly participate, they can still offer support through championing the currency’s use, lending support and validity to a currency without direct involvement. At this level of participation, stakeholders don’t expect to gain any particular outcome from engagement with the project.
For businesses, this might mean hanging posters or stickers on their premises to raise awareness about the scheme. Public institutions could symbolically endorse the currency – as in the case of the Mayor of Bristol personally accepting his wages in Bristol Pounds, a move that garnered a lot of media attention.
The Makkie received a similar boost through a visit from the Dutch Prime Minister, Mark Rutte. Political figures are often willing to associate themselves with projects they see as bringing benefits to the community.
While falling short of the greater levels of stakeholder participation outlined above, such championing can secure valuable coverage for community currencies and help develop trust in the projects.