French Montreuil has introduced a new currency - "Peaches"

French Montreuil has introduced a new currency - "Peaches"

In November 2013 in the Paris suburb of Montreuil (Department of Seine-Saint-Denis) people will be able to pay for goods and services not only in euro, but also in the new local currency, according to citing Challenges.

In late autumn the shop doors and government agencies will label: "We accept Pêche!". This means that customers will be able to pay not only in euro, but also in the new local currency that can be exchanged for euros at City Hall or the travel company at the rate of 1 to 1.

Pêche ("Peach" in English) is an informal name for the currency that exists so far only in paper money and has the same level of protection as euro.

Experiment with 2-monetary system is designed to support local businesses, which in contrast to the global retail chains do not build its business through lending relationships with the banking system.

The profits earned in local currency, can not be moved outside the municipality. It will remain in the local budget and will be invested in infrastructure development and job creation. Among other things, it is not subject to local and pan-European taxes, which creates an additional benefit to the seller (and exasperates the central government). Implementation of the project will cost the municipality just €30,000.

Skeptics are reminded that Ile-de-France has already made an attempt to create the local currency, but then this idea has not found response among the masses - the new money was enjoyed by just about a thousand people. However, the municipal government in Montreuil is sure that the mistakes of others are taken into account and will not be repeated. You can pay in local currency not only in stores, but also in all the institutions, subject to local authorities. If all goes well, even bars and restaurants of the city will join the experiment.