P2P Foundation

The Foundation for Peer to Peer Alternatives

Electronic currency to encourage local production, link up local exchange

Bruce Colley says on the  openmoney forum  that he has developed a system (LocalMart) which establishes a local currency and gives it an internet Ecommerce capability.  

Each vendor/provider gets a web site presence and shopping cart, with the local currency used for payment for online purchases (without transaction fees).  It also has the capability to make local currency payments or funds transfers via PC or mobile phone, making the issuance of a paper local currency almost unnecessary. (Mobile phone capability is especially useful for in-person transactions.)  

LocalMart encourages all members to become providers of some locally produced, sustainable product or service so as to increase local employment and self sufficiency, and "close the loop" locally. 

The system allows conversion to and from the local currency to the national currency (e.g. dollars, pesos) or to any commodity which can be chosen to back the local currency.  It also has other features including a microloan capability, and a social networking site so that members can interact, form or join groups, and otherwise communicate. 

LocalMart's features and functionality go way beyond that of other local currency systems such as Berkshares or Ithaca Hours.  
Colley says he would like to begin to implement this and would welcome a discussion if there is any interest.  

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Great, thanks for posting this :)




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