The Diversity and Evolutionary Process of Modern Community Currencies in Japan

Yoshihisa Miyazaki* and Ken-ichi Kurita**

* National Institute of Technology, Sendai College, Miyagi, Japan, Email:

** Kokusai Junior College, Tokyo, Japan. Email:

(Authors with equal contribution)

This paper focuses on the diverse development of modern community currencies (CCs) in Japan, and provides a classification of them by type. Modern CCs appeared in the early 1970s and since then various types have circulated globally. With the increase in CC practices, academic research into CCs has emerged as a growing area of interest. However, since CC systems are diverse, it is difficult to obtain a commonly recognized definition of CCs, or criteria for their classification according to their characteristics. Since this problem is shared even by international researchers, it has become an important issue in the field. In this study, we confirm the definition and classification of CCs by surveying previous studies on Japanese CCs. Furthermore, this paper reveals the reality of CC systems that continue to evolve through a process of development and decline, by looking back at their history. In order to explain the evolutionary process, we employ the concept of “countermovement,” as advocated by economic anthropologist Karl Polanyi. Based on our outcomes, we describe three stages in the evolution of CCs, which are the reciprocal realm, integration between the reciprocal and market realms, and new realms.

Article Miyazaki and Kurita

To cite this article:  Yoshihisa Miyazaki and Ken-ichi Kurita (2018) ‘The diversity and evolutionary process of modern community currencies in Japan’ International Journal of Community Currency Research 2018 Volume 22 (Winter) 120-131 <> ISSN 1325-9547. DOI:

The District Currency: a new currency design for managing the commons

Jens Martignoni

University of Cologne, Germany. Email:


Most schemes of complementary currencies developed in the last 50 years are based on the “money as a means of exchange”- concept, which means exchange of individual agents based on their individual needs and offers. The individual person or the individual company is an actor in a network and by establishing a market it is possible to exchange goods and services. Mutual Credit systems LETS or Timebanks e.g. do support mostly this market case and many of them limit common activities to the sole operation of the system itself. Therefore, community currencies today are often currencies operating within a community but not necessary for the community. Interestingly the case of a commons is mostly not recognized as a completely different kind of exchange where needs of a whole group have to be satisfied through offers of individuals and offers of the whole (commons) have to be shared justly among the individual members. Such an exchange asks for different features from a community currency. This was the starting point of a project in Zurich, Switzerland to develop a more suitable and effective currency. The resulting new currency model, called district currency is proposed and analysed in this paper. The district currency is therefore an advanced currency type, which is designed upon the commons idea. It is the needs and tasks of the community, the public (community) goods and common tasks based on the commons, which are the core and drivers of the currency. As a secondary element the traditional individual market-based system complements this commons layer and strengthen its impact. Therefore, it could be seen as a two tiers model.

The paper describes basics, premises and functions of the idea including some historical background and more specifically the case of Wörgel in Austria which has some interesting aspects have that still not widely taken into consideration.  The main features of the district currency model are including the intended and controllable circulation, the democratic decision of the spending and budgeting and the commons-based value system. The currency was developed along a case study in a housing co-operative in Zurich. Experiences with the planning district-currency-game give some important hints for the feasibility and the functioning of such an improved currency model and the open questions remaining to be answered. The development of this model has been a long-term process driven through empirical research and action and the goal of the paper is to engage more researchers and practitioners to contribute towards the needed theoretical foundation and feasibility studies.

Article Martignoni

To cite this article: Martignoni, Jens (2018) ‘The district currency: a new currency design for managing the commons” International Journal of Community Currency Research 2018 Volume 22 (Summer) 16-38 <> ISSN 1325-9547. DOI

Sidechain and volatility of cryptocurrencies based on the blockchain technology

Olivier Hueber

Université Côte d’Azur, CNRS-GREDEG; France;


A cryptocurrency market based on the blockchain technology is characterized by the coexistence of a steady-state supply and a volatile e-money’s demand. In this study a cointegration test establishes a long-run relationship between the internal demand of Bitcoins and prices. From this result, we propose to restrain the intrinsic volatility of any cryptocurrency based on the Blockchain technology by introducing a sidechain pegged to the parent chain.


Sidechain, Community currencies, Blockchain, Bitcoin, Demurrage, cryptocurrencies

Article Hueber

To cite this article: Hueber, O. (2019) ‘Sidechain and volatility of cryptocurrencies based on the blockchain technology’ International Journal of Community Currency Research 23 Issue 2 (Summer 2019) 35-44;; ISSN 1325-9547; DOI