Paying and banking with local money

Important instruments for stimulating (‘boosting’) a regional economy are a local currency (which is designed to serve the interests of the region) and the opening of local payment accounts by companies, government and citizens.

The step from local money to local crypto money is small but important. This is local digital money, based on blockchain technology. The local digital money can be used to pay, just like the official currencies such as the euro and the dollar, but in addition it allows for privacy, fundraising and capturing value. It functions as a social currency with which not only products and services can be paid for, but also social services provided by, for example, volunteers and informal care takers. Services to the local community are thus ‘made visible’ and valued. The social services provided can then be exchanged for products and services such as energy and food.

Of utmost importance for the success of a local economy with local (crypto) money and payment accounts is that a certain scale is needed, it has to become more or less the local standard. This necessitates large-scale promotion and communication from the very beginning. An ambitious promotion plan must ensure that citizens, entrepreneurs and public organizations are quickly and well informed and persuaded to participate. Once the minimum scale of approximately 50,000 -100,000 people with cultural affinity and connectedness is reached, the ‘booster’ starts working and the regional economy will function.