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New Currency in Ithaca Promotes Local Economy

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Supporters of a new currency in Ithaca are looking to keep residents and visitors spending their money locally.

The Ithacash program offers people the opportunity to buy and sell with a new alternate currency.

According to Ithacash founder Scott Morris, it works the same way as traditional money but is intended to grow the local economy by encouraging residents and merchants to trade goods and services with their neighbors.

The Ithaca dollar has a simple one to one ratio with U.S. Dollars. You can buy 125 Ithaca bucks for 100 U.S. dollars.

More than 100 businesses have already committed to taking payments with some businesses are already taking payments via text message.There will also be paper bills.

Over the next few weeks Ithacash will start unveiling who’s on their paper bills in the coming weeks.

The alternative currency is not new in Ithaca, as the Ithaca hours program has been around for some time. Morris says anyone with Ithaca hours can convert them into Ithaca dollars.

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