It reminds me of a project proposal I wrote up some time ago, about Pekunio.

Pekunio is a smart and simple distributed peer-to-peer software application for PC, Mac, PDA and mobile phone that enables the easy set up and use of open private ecosystems using a local currency. Pekunio also makes it easy to found new smaller groups within the larger community while keeping the nature of the larger community with very little administrative overhead.

Pekunio’s distributed nature implies decentralized and local responsibilities for setting debit limits within a larger system. Also, Pekunio is inherently more secure than older currencies because all payments must go through its accounts and the money only exists within them.

Pekunio has the potential to catalyse an alternative monetary system for thriving market places trading goods, services and ideas, fueling innovation as it matures.