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A Proposal For A Complementary Currency

On thomaspichon

I shared in a previous article some thoughts on how a complementary currency could create fresh entrepreneurial opportunities. Then in another post I highlighted how some components of the current monetary system create obstacles in our evolution toward a world of sharing, abundance and sustainable living. If you haven’t read these two previous articles, I invite you to take a look at them so we’re on the same page.

Our global economy will still need currencies for a while. Throughout this new article, I’d like to discuss a proposal for a complementary currency system that would be more adapted to today’s challenges. To make it simpler, I’ve called the “ECO” currency here although a deeper collaborative work on the name could definitely be planned soon.

1. Backing the ECO by valuable information

A backed currency is a currency whose value is guaranteed by a direct equivalence with a product or service. For instance, national money used to be backed by gold for centuries, but in 1971 the US Dollar ceased to be linked to any amount of gold which is the reason we call it a “fiat currency” now, created “out of thin air”. A direct consequence of this has been the ever growing gap between our real tangible economy and our financial world. In order to avoid repeating past mistakes, it makes sense that ECOs should be backed by “something” so we create a monetary system that directly aims at making the new economy more fluid.

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