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This morning, after much local anticipation, Wichita city officials in cooperation with local banks unveiled the Keeper, Wichita's new local currency.
The two groups decided it was time for local currency when, during the previous decade-long recession, a great deal of money was leaving the city via online transactions. This put local small businesses and employees at risk of further economic crisis. The Keeper was designed to make sure that money produced here in Wichita stays in Wichita.
All money is legal tender and carries a one-to-one exchange rate with the United States dollar, which is currently at its lowest global rate of exchange ever. Local economists are predicting that with the success of the program, the Keeper could actually become more valuable than the dollar.
But for now, starting August 1, all new print currency in the city will be the Keeper. This will be accepted by all merchants in Wichita and will be valid for all monetary transactions. Those worried about shopping out of town will have to carry plastic. The Keeper will become the standard following a four-month phase-out of the U.S. Dollar in the community.
During this phase-out, all citizens will be able to take any cash to a bank for exchange for the new Keeper. Or, U.S. currency can simply be deposited into a bank account for later withdrawl or use through plastic.
The look of the bill will be distinguishable to all Wichitans: The picture of the Keeper of the Plains landmark silhouetted agains a lightning storm appears on all denominations: 1, 5, 10, 15 and 20. What will change for each bill is the other image, which will include a nature scene from the surrounding county.
"We're very excited about this change," said local businessman and former mayor Carl Brewer. "For years Wichita was largely sheltered from the economic recession. Now that we are taking this step, we're independently ensuring our own prosperity for years to come."
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