New Currencies For A New Economy

When financial crises and recessions hit, regional and local economies suffer devastating ripple effects. As activists look to shield their local economies from some of the harsh impacts of globalization, they’ve come across one potential solution to tackle the heart of the problem: create community currencies and change the money itself. In the wake of the 2008 financial crisis a group of friends on the Italian island of Sardinia set up Sardex, an electronic business-to-business mutual credit system. Six years later, around 140 million euros worth of transactions have been made. Similar models exist across Europe, like Utrechtse Euro in the Netherlands and SoNantes in France. In addition to these trade networks, local currency schemes have been emerging around the world as technological innovations offer new ways to circumvent the usual issues of scale and sustainability.
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