|
?:abstract
|
-
Local and community currencies have been used as a stimulating tool to increase trading activities and social interactions of geographically restricted regions This paper aims to investigate the potential of innovative regional development of the structurally disadvantaged industrial region focused on the steel and mining industry by means of the local currency Being the important players of local economies and regional development, SMEs have always been in the center of interest for practitioners of the local and community currencies Therefore, our research team analyzed and explored major benefits and barriers that SMEs perceive to adopt and use local currency In parallel with the specified aims, the researchers employed the structured questionnaire survey with open and dichotomous questions focused on SMEs with no practical experience with the acceptance and use od the local or community currencies in Cieszyn Silesia region The results of our research show that SMEs are prone to be active members of local currency communities, and they positively perceive the support that major regional producers, service providers, and practitioners can provide for them through this instrument Moreover, some SMEs also perceive local currencies as a marketing and promotion tool that increases product-service quality and mutual transactions of firms According to the respondents, high participation fees and exchange rates, lack of usage by customers and coverage by national currencies, counterfeiting, and fraud, liquidity risk, taxability, accountability, legislative and technical issues, credibility and trustworthiness of practitioners have been main impediments in the adoption and usage of these currencies by SMEs This research provides innovative solutions and suggestions for policymakers in case of the regional development of the structurally disadvantaged industrial regions to overcome the barriers of local currencies Since local currencies can be created in digital formats, the increasing importance of local digital currencies in the Covid-19 pandemic has also been highlighted
|
![[This page as RDF]](https://research.tib.eu/covid-19/static/rdf-icon.gif){kind=icon}