 Which is true about the various types of local currency?
New money: Do local currencies actually work? It might never have occurred to many of us that there are other types of exchange that can stand in for ragged bank notes tucked away in pockets, or other objects that can stand in for those notes. In crisis-hit Greece, where the euro can be hard to come by, businesses and citizens have turned to bartering using a points system where goods like pianos, pot and pans can be exchanged for security services or loaned farming equipment. In India last year, desperate people burned sacks of illegal cash after the government withdrew two high-denomination notes as part of a crackdown on corruption. Hoarders woke up to discover the banknotes under their mattresses were suddenly worthless. The pound has been trading at its lowest level since 1985 since the UK voted to leave the European Union and there are fears that it could dip further as Brexit ensues. Timebanks, local exchange trading systems (LETS) and digital inventions like bitcoin can provide alternative ways for people to pay for goods and services when mainstream currencies hit crises. But they will only work if Britons are ready to accept that they have the power to invent their own currency. "At the moment, if the pound stops working for us, the whole economy grinds to a halt because there aren't alternatives," Duncan McCann, a researcher at the New Economics Foundation, tells those gathered in a gilded room at Glasgow Chambers to discuss the Glasgow Pound. It's an idea he no longer thinks will work, because the debate, since Brexit, has shifted from the currency issue back to ideas about Scottish independence. Everyone has gathered to decide what a Glasgow Pound might look like at a time when many are asking if local currencies can work at all. Councillor Redmond says Glasgow has been closely watching existing alternative currencies like the Brixton Pound in London, which was introduced in 2011. The founders of the Brixton Pound wanted to do something to stop 80p of every £1 spent locally from leaking out of the area into the pockets of corporations, at the expense of small local traders. So they printed a currency that would have the same value as the pound, but could only be traded in independent Brixton shops, where the shopkeeper would also have to spend it locally. It can also be used by residents to pay council tax and by employers to pay wages. No two local currencies are exactly the same. But the Brixton Pound and other recent schemes follow the example ten years ago of the Totnes Pound, a 'complementary currency': that is, one supplementing the national currency.
 They are used in addition to the national currency, not as a replacement
 They are used in addition to the national currency, not as a replacement  They often try to replace the national currency to varying levels of success  Only some of them are considered legal by the national government  They are too hard to spend and thus the national currencies are always favored