[EU COST Proposal – AnDroMeDA Project] Assessment of Distributed Ledger Technology for Multi-Domain services Adoption: Hoax or Opportunity?

The Main Proposer Dr. Antonio Carnevale opens to RAMICS members for collaboration on AnDroMeDA project. The project is focused on Distributed Ledger Technologies and their applications, also for community development and monetary innovation. The proposal has been already submitted as EU COST project, but it is possible to contact Dr. Andrea Carnevale to be involved in it.

The aims of AnDroMeDA are (1) providing a map of the concepts and outlining a multidisciplinary vocabulary of DLTs  (Distributed Ledger Technologies) use; (2) stimulating and coordinating more specific research projects to compare current knowledge and real experiences about how DLTs can really find applications in different societal and strategic fields; (3) developing a pan-European network that can help Early Career Investigators (ECI) to grow up; (4) to release disseminative materials that synthetically illustrate criticalities and opportunities of DLTs.

Ledgers have been at the heart of commerce since ancient times. However, in all this time the only notable innovation has been computerization, which initially was simply a transfer from paper to bytes. Now, for the first time, Distributed Ledger Technology (DLT) enables the collaborative creation of digital ledgers with properties and capabilities that go far beyond traditional paper-based ledgers. Their tangible innovative character is that DLTs can operate smoothly and securely without the need of being controlled and administered by a central or third party. This makes DLT a potentially radical change in the future mentality and methods that lead both the governance and management of techno-science and the participation of people in decision-making processes. It is evident that, according to these premises, DLTs have been rapidly elected as the object of controversial debates: are they a real opportunity or only a promise?

For more information, please contact Dr. Antonio Carnevale at alephkaf@gmail.com.


Multidisciplinary PhD in currency innovation

IFLAS has been researching and teaching on local currencies, cryptocurrencies and blockchain since 2014 when our University became the first public University in the world to accept bitcoin. Since then we have always had Ph.D. students studying this area, taking a multidisciplinary approach, drawing upon social theory to explore the implications for the public of a multicurrency future.

We are now seeking new applications for Ph.D. research in this field, to start October 1st 2018. The opportunity is suited to people who work on this topic and could do a Ph.D. part-time over 4 or 5 years. They would work alongside a full-time Ph.D. student who works with the new Lake District Pound, and with Professor Jem Bendell as their supervisor. Most supervision is provided remotely, and so the number of visits to campus during the programme can be negotiated (the July 2019 summer school is obligatory).

There is no funding, but the fees for part-time students with UK or EU residency are very competitive (under 2000GBP a year).

If you already have a Masters degree and are interested, please write one page about your idea for your research and your motivation, and send it before May 10th to Professor Jem Bendell [email: jem(dot)cumbria(at)cumbria(dot)ac(dot)uk]. If your idea is relevant, then you will hear within a week of initial contact and be invited to submit a formal application before the end of May to enable an October 1st start.

More information on our Institute is available at www.iflas.info

More information on our views on blockchain and crypto is here.

Our latest peer reviewed paper on the topic, from Prof Bendell, is here.

Our international engagement on this topic is via Prof Bendell chairing the organising committee of a UN event on blockchain. Information here.

Source: http://iflas.blogspot.it/2018/04/multidisciplinary-phd-in-currency.html

Vol. 20 (Summer) pp. 41-53

The “commodity – money – commodity” Mutual Credit Complementary Currency System. Marxian money to promote community trade and market economy

Samo Kavčič

Šercerjeva ul.26, 4240 Radovljica, Slovenia. E-mail: kavcic917@gmail.com


The Mutual Credit Currency System, this most radical form of endogenous money, was evaluated and compared with Marx’s Commodity-Money-Commodity requirement.  A simple simulation of a small community closed loop economy was used to illustrate the functioning of two types of mutual credit currency systems. The first, dubbed MCSG, behaved according to the specifications and recommendations of the mutual credit currency system’s founding fathers, Riegel and Greco. The second, dubbed the Komoko Monetary System, or abbreviated to KMS, was a sub-type of the mutual credit currency system with some additional restrictions and one additional liberty. The main restriction introduced in the KMS was that it almost exclusively supported the exchange of only newly produced goods and services. The liberty introduced is forecast-based credit allocation. It was shown that the MCSG has an inconsistency that could potentially lead to instability. The restrictions applied within the KMS can provide a remedy for this potential flaw, while at the same time rendering the KMS compliant with Marx’s requirement. The monetary control measures applicable in KMS were discussed, which guarantee robustness and stability and make KMS a true complement to the official fractional reserve banking.


Mutual credit system , Commodity – money – commodity, Cash flow forecast, Currency circuit,  Monetary control,  Endogenous money

Article kavcic pdf

To cite this article: Kavčič, S. (2016) ‘The “commodity – money – commodity” Mutual Credit Complementary Currency System. Marxian money to promote community trade and market economy’ International Journal of Community Currency Research 20 (Summer) 41-53 <www.ijccr.net> ISSN 1325-9547  http://dx.doi.org/10.15133/j.ijccr.2016.003

Vol. 20 (Summer) pp. 24-40

Classifying non-bank currency systems using web data

Ariane Tichit*, Clément Mathonnat*, Diego Landivar**

* Clermont University, Auvergne University, CNRS, UMR 6587, CERDI, F-63009 Clermont Fd. Email: ariane.tichit@udamail.f; Clement.MATHONNAT@udamail.fr; ** ESC Clermont, 63000 Clermont-Fd. Email: diego.landivar@france-bs.com.


This paper develops a new classification of non-bank currency systems based on a lexical analysis from French-language web data in order to derive an endogenous typology of monetary projects, based on how these currencies are depicted on the internet. The advantage of this method is that it by-passes problematic issues currently found in the literature to uncover a clear classification of non-bank currency systems from exogenous elements. Our textual corpus consists of 320 web pages, corresponding to 1,210 text pages. We first apply a downward hierarchical clustering method to our data, which enables us to endogenously derive five different classes and make distinctions among non-bank currency system and between these and the standard monetary system. Next, we perform a similarity analysis. Our results show that all non-bank currency systems define themselves in relation to the standard monetary system, with the exception of Local Exchange Trading Systems.


non-bank money, text mining, web data, downward hierarchical clustering, similarity analysis

Article Tichit pdf

To cite this article: Tichit, A.; Mathonnat, C.; Landivar, D. (2016) ‘Classifying non-bank currency systems using web data’ International Journal of Community Currency Research 20 (Summer) 24-40 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2016.002

Vol 20 (Summer) pp. 2-23

Psychological factors influencing the use and development of Complementary Currencies

Carmen Smith, Alan Lewis

University of Bath, Claverton Down, Bath, BA27AY, United Kingdom, Email: C.J.Smith@bath.ac.uk; A.Lewis@bath.ac.uk


This paper presents a novel socio-psychological analysis of the motivations and experiences of mutual credit members in the United Kingdom and in the United States. Primary data comprised of interviews and participant observation, supplemented with secondary data analysis of organisation documents, and a review of the literature in psychology, sociology and economics. Group members were motivated to secure personal resilience against hardship, and the personal agency that results from this, along with the experiences of community and cultural identity positioning, motivates engagement. Consequently these groups are defined as cultural communities offering personal resilience to members through informal reciprocity. This approach, which prioritises the social aspects of exchange, has implications for the design of complementary currencies, particularly mutual credit initiatives, and demonstrates the value of engaging with the fields of psychology and sociology in developing interdisciplinary understandings of alternative economic practice.


Complementary currency, mutual credit, sustainability, reciprocity, resilience, community

Article Smith pdf

To cite this article: Smith, C; Lewis, A. (2016) ‘Psychological factors influencing the use and development of Complementary Currencies’ International Journal of Community Currency Research 20 (Summer) 2-23 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2016.001

How Green is Our Money? Mapping the Relationship between Monetary Systems and the Environment

The causal link between economic growth and environmental degradation has received much attention in recent social science literature(s). Although such studies have generated key insights, the role of monetary systems – as central components of all modern economies – has been almost completely overlooked. This papers argue that monetary systems affect natural environments through the economic activities that particular monetary systems promote. It focuses on two specific aspects of any monetary system: governance and scale. With respect to the former, it shows how the rules that govern monetary systems can promote economic practices with environmental implications. With respect to the latter, the paper shows how the scale at which money is issued and/or circulates affects patterns and intensities of economic activity, both of which have clear environmental consequences. A corollary of the argument is that changing the governance and scale of monetary systems can alter economic activity in environmentally-harmful or -helpful ways.

Skylar Brooks

IJCCR 2015 Brooks

To cite this article: Brooks, S. (2015) ‘How Green is Our Money? Mapping the Relationship between Monetary Systems and the Environment’ International Journal of Community Currency Research 19 (Winter) 12-18 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2015.018

Prices in parallel currency: The case of the exchange network of Chania, Crete

This paper investigates the prices set within the Exchange Network of Chania and tries to examine what prices are attributed to which products and services, how those prices are set and what they reveal about the values of the goods offered. Moreover, the further aim of the paper is to explore the implications of those prices concerning the function of the scheme itself, within the context of the local economy of the Chania area. The data have been gathered during regular visits to the open markets of the scheme since January 2012. Therefore, the paper attempts to contribute original research findings concerning prices in parallel currency schemes and study several important issues which arise in multiple currency practice.

Irene Sotiropoulou

IJCCR 2015 Sotiropolou

To cite this article: Sotiropoulou, I. (2015) ‘Prices in parallel currency: The case of the exchange network of Chania, Crete’ International Journal of Community Currency Research 19 (Summer) 128-136 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2015.013