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Concept
Local currency
Summary
In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations. A regional currency is a form of local currency encompassing a larger geographical area, while a community currency might be local or be used for exchange within an online community. A local currency acts as a complementary currency to a national currency, rather than replacing it, and aims to encourage spending within a local community, especially with locally owned businesses. Such currencies may not be backed by a national government nor be legal tender. About 300 complementary currencies, including local currencies, are listed in the Complementary Currency Resource Center worldwide database.
Some definitions:
Complementary currency - is used as a complement to a national currency, as a medium of exchange, which is usually not legal tender.
Community currency - a complementary currency used by a group with a common bond, such as residents of a locality, association, or members of a business or online community.
Local currency - a complementary currency used in a locality.
Regional currency - a local currency where the locality is a larger region.
Auxiliary currency, microcurrency, Eco-Money - less common synonyms for community or local currency. (see for example Douthwaite & Wagman 1999)
Private currency - a currency issued by an individual, business or non-governmental organization. Complementary currencies are a type of private currency.
Sectoral currency - a complementary currency used within one economic sector, such as education or health care.
Alternative currency - generally, a synonym for complementary currency, referring to a currency designed to work in conjunction with the national currency; less often refers to a type of private currency which attempts to supplant or circumvent the national currency.
Local currencies aim at using money as a tool to achieve social or environmental objectives.
Official source
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