The city of Bristol will launch its own currency on May 21.
'The Bristol Pound' will be worth exactly £1 sterling but can only be used within the boundaries of Bristol, meaning that it will only be accepted by local businesses. For example, the currency may be accepted by Bristol letting agents but not by a nationwide chain.
It has been launched in a bid to separate the city's economy from the country's economic performance as a whole and to help boost local trade in the city.
In an interview with BBC News, the director of the 'Bristol Pound' project Ciaran Mundy explained: "Big companies just hoover up money from a local area. Money does into their financial system and typically out into London and into the offshore sector.
"We'll be driving more business to independent traders and ensuring the diversity of our city, which is one of the things people love about Bristol."
Although it isn't the first local currency in the UK, it is the first which can be used to pay local business taxes. It will also be traded electronically.
According to thisisbristol.co.uk, local residents can get their hands on some 'Bristol Pounds' by opening an account with the Bristol Credit Union. Hundreds of businesses have already announced that they will be accepting the currency.