WIR Bank
Categories: Banking
Are you in the Swiss Economic Circle [of trust]? We didn’t think so.
The WIR Bank, which used to be known as the Swiss Economic Circle, is a WeIRd thing. The WIR Bank is a currency system in Switzerland that issues a WIR Franc, which works in dual-currency transactions with the Switzerland-backed Swiss Franc.
When would you run into a transaction with WIR Franc? Likely in a business transaction (think: hospitality, manufacturing, retail, construction, and more). WIR kind of stands for the word “we” in German, as the WIR bank was meant to be a not-for-profit community that keeps the money flowing, especially during economic crises and slumps.
Nope, WIR Franc currency isn’t some new crypto-kid. It’s actually been around since the 1930s. Between WWI and WWII, during the time of the Great Depression, currency shortages and general economic instability caused the WIR Franc to be born. The WIR Bank is still going strong, and has proven itself to be a bulwark for Switzerland during tough economic times.