Wales Launches Complementary Currency to Boost COVID-Affected Economy

Wales, with a population 3.15 million, along with England 56.3 million, Scotland 5.46 million and Northern Ireland 1.89 million make up UK’s total population of 66.8 million. Although all countries in the Union are governed by the UK government based in Westminster in London, Wales along with Scotland and Northern Ireland each has a devolved Parliament with limited powers.

In December, Wales launched a complementary currency, the Celyn, in a bid to provide a boost to the economy. It was created by the Circular Economy Wales, whose aim is to form a mutual credit system in Wales and is backed by the Welsh government’s Foundation Economy Scheme.

The Celyn is designed to give users access to an instant zero-interest credit facility to then spend at other businesses which are part of this network and will hopefully be able to stave off economic collapse for a number of them. Members will have 12 months to settle this debt, through payment-in-kind, by offering goods of the same value to other members.