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What is local money?
Local money is circulated within a certaion area or country. It is issued mainly by citizens. There is no interest or minus interst, they are issued on the purpose of coneccting people, sharing certain information and there are basicaly inconvetible into currency.
Format of local money
There is three types
- Bill type
- Account Book type
- Draft type
The issuing group design bills. Local money of comic caracter, Astoro Boy is very famous. There is money in IC card, instaead of printing bills.
Account Book is similar to bank account. When the issurer sell goods or services, he or she enter the amount in minus. In this way, issuer make settlement.
Issuer is buyer of goods or services trade is entered in draft debt bond.
Purpous of local money
There are mainly 2purpous. promoting local economy is one of the goals.
Local currency is expected to strengthen the cominuty