England has had the Totnes pound since it was launched by Transition Towns Totnes Economics and Livelihoods Group in March 2007; A Totnes Pound is equal to one pound sterling and is backed by sterling held in a bank account. As at September 2008, about 70 businesses in Totnes were accepting the Totnes Pound. Other local currencies launched since then include the Lewes Pound (2008), the Brixton Pound (2009),[6] the Stroud Pound (2009)[7] and the Bristol Pound, which also allows for electronic payments.[8]