Actually, any community anywhere – local or virtual – can create a community currency, except as prohibited by law. Money is anything used as a universal commodity, whether it’s a thing with inherent value or not. Obviously, the best design is to create the community currency to pay people to sustainably develop human and natural resources, and back the currency by accepting it in payment for what is developed. Of course, that’s easier said then done, which is another topic. The simplest tactic for use in commerce of backed currency is to assign a face value equivalent to the legal national currency wherever it is used, so it easy to use beside the national currency in the same marketplace.
The advantages of this strategy include a fairly stable money value because it borrows from the inherent stability of a global money system that has 175 legal national currencies trading against each other in the global marketplace and guaranteed by each other to promote stability. It also has the great worth of possibly reaching the poorest of the poor and leaving no one behind because it is created to pay people to produce essential resources, which answers the needs for gainful employment and access to essentials. There are lots of other good tactics that can be applied, all in the public domain at http://www.reconomy.net.
]]>