Reactivate Launceston, Australia, with a New Bitcoin Economy

Aerial view of Launceston
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LauncestonLaunceston is a city in the north of Tasmania, Australia, at the junction of the North Esk and South Esk rivers where they become the Tamar River, with a population of 106,000. “Reactivate Launceston” is “a grassroots, groundswell of like-minded folk coming together to discuss the future of the city.” Part of the envisaged future of the city is a new local economy based on Bitcoin.

The “Reactivate Launceston” project team aim to support and inspire others to make their dreams for Launceston happen. They meet regularly to discuss what the future Launceston could look like, including the changing face of retail within cities, projects to revitalise empty spaces, and the growing migrant community.

At the next Reactivate Launceston meeting on November 5, advertised on the Facebook page of the initiative, Director Adam Poulton will be dropping in to tell the participants all about Bitcoin and how this alternative economy will be making waves in Launceston very soon. Poulton said:

“Bitcoin is a currency in use in all developed countries in the world and has turned over $20bn in the last 12 months. It’s time Launceston got its share.”

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A Closed-Circuit Local Bitcoin Economy

Poulton plans to build the “world’s largest” local Bitcoin-based economy in the city, with support from local businesses and even government. The project team and supporters think that Launceston will make a good high-density testing ground for Bitcoin. The comprehensive plan, which has already received expressions of support from the Launceston City Council, is aimed to stimulate a new pervasive Bitcoin economy in the city, with the support of local merchants, allowing the population to receive and spend bitcoins, without necessarily converting them to Australian dollars.

The planned Bitcoin economy at Launceston will be mostly closed-circuit, with the bitcoins circulated in the local economy without being converted to fiat currency, and could be considered as an example of Local Exchange Trade System (LETS), the first based on Bitcoin.

Share your thoughts about this ambitious initiative in the comments below!

Images from Wikimedia Commons and Reactivate Launceston.

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