19 March 2012

This is a blog item that needs to be converted to the new Bliki format

Greece develops cashless Euro-free currency

In Greece a new bottom-up network of cashless exchange called the Magnesia Exchange and Solidarity Network is becoming very popular. It uses a medium of exchange called "tems" which is organised with the Dutch open-source Cyclos decentralised online banking system. Hording and debt are prevented by not allowing accounts to accumulate more than 1200 tems and not allowing people to owe more than 300. The people using it feel very empowered and optimistic about being able to trade together without relying on the financial system. (read more)

See also:

• The Utopian Country
• 2012 July update - Stepping out of the system