A.J. Enchill and the Berkshire Black Economic Council work to attract more Black residents to cultural venues. Page 2
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Tracks to North Adams could carry passenger trains, but issues persist. Page 5
Berkshire Business Journal AUGUST 2022 | VOL. 1, NO. 3
Values-driven currency BerkShares enters the digital marketplace, but on its own terms BY TONY DOBROWOLSKI EGREMONT — Robin Helfand founded Robin’s Candy
Shop in 2004, two years before the launch of BerkShares, the county’s local currency. But she never accepted the BerkShares paper currency at her store. It’s worth 90 cents on the dollar, so it took too much time for her staffers to calculate the difference in transactions between BerkShares and U.S. currency at the end of the day. But BerkShares has now issued a digital currency, available through a digital app. It’s a oneon-one match with U.S. dollars. Now Helfand is all in. “It’s not only the right thing to do, it’s a smart thing for a business owner to do,” Helfand said, “because if you use them rather than turn them in for dollars you avoid the 2 to 3 percent fee that you pay on credit card transactions. There’s no discount when you’re taking (digital) BerkShares. There’s no 90 cents on the dollar, like with the paper BerkShares, which are discounted. So you’re removing the administrative headache. And when you take the BerkShares in your account and use them at another business I’m not incurring a credit card transaction fee and neither is the accepting business.” BerkShares Inc. launched its digital app in April, but with a twist. Unlike some of the other players in the digital currency space — an often rough and tumble world where benefits are available, but the risks are great — BerkShares entered the market without selling its soul. With the help of a company founded by a New York City-based lawyer who started her career as CURRENCY, Page 12
PHOTOS BY BEN GARVER
Above: Susan Witt and Jared Spears of the Schumacher Center for a New Economics in South Egremont, which runs the BerkShares program. BerkShares are now in digital form — in addition to the original paper currency, you can purchase goods with an app on your phone using blockchain technology. Top: A proof of the original paper BerkShare currency, created on Crane paper at Excelsior Printing. The original BerkShare is still in circulation, along with the new digital currency.
“It’s not only the right thing to do, it’s a smart thing for a business owner to do.” ROBIN HEFLAND, Robin’s Candy Shop founder, on BerkShares