A recent report on local currency and local economy from Sweden, complied by Transition member Steve Hinton, sheds light on some of the pitfalls and opportunities for local community action. The report comes in the wake of a resilience project to create a “back-up” currency, envisioned as a preparedness tool should Sweden’s ubiquitous digital money system fail due to loss of electrical power over a longer period. Most money today in Sweden is digital, only a few percent is notes and coins. With its harsh winters and long distances, Sweden is particularly vulnerable.
The first part of the project involved creating a currency without clearing. The project, a cooperation between Transition Sweden and ISSS, the Institute of Swedish Safety and Security, revamped the German Minutos currency as a volunteer currency, covering a maximum of 400 volunteer hours per year per person.