How do I start a local currency?

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How do I start a local currency?

10 steps to creating your own local currency

  1. Start a Transition Initiative.
  2. Organise an open meeting on a topic related to money.
  3. Identify and engage your stakeholders.
  4. Set-up a management team.
  5. Decide on the model.
  6. Launch a design competition.
  7. Decide on your legal structure.
  8. Generate start-up funding.

Can I start my own currency?

Although exact regulations vary from country to country, in most places there’s nothing stopping you from starting your own currency right now. All you need is someone else who agrees to accept it. But to make it a viable medium of financial exchange takes a bit more planning.

Can a town create their own currency?

Other Towns That Have Launched Their Own Currency In Mexico, the town of the Santa Maria Jajalpa (population about 6,000) has created a new currency, “jajalpesos,” that residents can use to buy local food. Most notably in the U.S. a community currency called BerkShares has been used in western Massachusetts since 2006.

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Can you create your own currency in the United States?

Under 18 U.S. § 486, it’s a criminal offense to make or pass any metal coins “intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design.” If true, it is arguably illegal for you to make your own currency and set it free upon the world.

How do local currencies work?

A local currency acts as a complementary currency to a national currency, rather than replacing it, and aims to encourage spending within a local community, especially with locally owned businesses. Such currencies may not be backed by a national government nor be legal tender.

How do community currencies work?

Community currency is a form of paper scrip issued by private entities or community organizations for use at local participating businesses. Its main goal is to encourage spending at local businesses as opposed to chain or “big box” stores, thereby promoting local ownership of businesses and capital.

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How do you make your own crypto currency?

Without wasting any time let’s get straight to the step-by-step process to create and launch your own cryptocurrency.

  1. Choose a Consensus Mechanism.
  2. Pick a Blockchain Platform.
  3. Design The Nodes.
  4. Establish Blockchain’s Internal Architecture.
  5. Integrate APIs.
  6. Step 6: Design The Interface.
  7. Make Your Cryptocurrency Legal.

Are local currencies legal?

In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations. Such currencies may not be backed by a national government nor be legal tender.

Who can create currency?

The Federal Reserve orders new currency from the Bureau of Engraving and Printing, which produces the appropriate denominations and ships them directly to the Reserve Banks. Each note costs about four cents to produce, though the cost varies slightly by denomination.

Are local currencies illegal?

All currency ever issued by the US government is now legal tender. Gold coins were outlawed for a few decades starting in 1933. US military scrip was only used in foreign countries and not exactly “American”.

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How do you start a currency?

The easiest way to start a currency is to draw up an I.O.U. system that allows your friends to trade hours of work. Hundreds of shops in Ithaca, NY, accept “Ithaca HOURs,” a local currency backed, not by gold, but by man-hours. I spend an hour mowing an Ithaca lawn and receive a paper note for one HOUR.

How do you make your currency exchangeable?

Take your time to research the various models and engage your stakeholders as much as possible in a public discussion about this. The most straightforward and user-friendly option is to make your currency exchangeable on a 1:1 ratio with Sterling.

How to find a good location for a currency exchange?

Find a vacant office or shop space in a good location for you currency exchange. Look for available spaces around other shops, where there are travel agencies and travel equipment shops. Also locations that are close to modes of transport are good choices. These include airports, train stations and bus stations.