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How do you invent currency?
Start a Transition Initiative. Organize an open meeting on a topic related to money. Identify and engage your stakeholders. Set up a management team. Decide on the model. Launch a design competition. Decide on your legal structure. Generate start-up funding.
Can anyone create a currency?
Although exact regulations vary from country to country, in most places there's nothing stopping you from starting your own currency right now. All you need is someone else who agrees to accept it. But to make it a viable medium of financial exchange takes a bit more planning.
Can you create your own currency?
Simply put, you cannot create the money and then sit back and expect people to use it. Instead, you'll need to keep going out there, talking to businesses and helping them get the people they trade with to accept it. “It is relatively easy to launch a local currency,” says Sunderland.
Is creating your own currency illegal?
It's perfectly legal to create your own currency in the US. There are quite a few community currencies already in existence. They are considered legal as long as they are not used to avoid taxes and can be exchanged for US dollars (Private currency). Historically, banks would print their own banknotes.
Can you start your own currency?
The easiest way to start a currency is to draw up an I.O.U. system that allows your friends to trade hours of work. Hundreds of shops in Ithaca, NY, accept “Ithaca Hours,” a local currency backed, not by gold, but by man-hours.
Can states create their own currency?
States seek currencies made of silver and gold. Unlike individual communities, which are allowed to create their own currency -- as long as it is easily distinguishable from U.S. dollars -- the Constitution bans states from printing their own paper money or issuing their own currency.
Is it legal to mint your own coins?
Federal law prohibits people from making metal coins intended for use as current money. 1 Creation of souvenir coins not intended to act as currency, however, is not illegal. It is also important to note that federal law only prohibits the creation of metal coins.
Is private currency legal?
Private currency. A private currency is a currency issued by a private entity, be it an individual, a commercial business, a nonprofit or decentralized common enterprise. For example, cryptocurrency is legal as an asset in the United States, but is illegal as a currency as it's not legal tender.
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