http://www.imf.org/external/pubs/nft/op/222/index.htm

p.s. on Scottish banks: this means there are physical notes with “Royal Bank of Scotland”, “Clydesdale Bank” and “Bank of Scotland” printed on them, and they are different designs too.Imagine a NZ$20 kiwibank note and then an NZ$20 BNZ note, etc. …

The technology is all there and it works fine, but this won’t happen, simply because those who exercise control over the currency exercise control over the economy, so the government won’t let you do this as you will take their power. Try it and see.

Oh, and if you’re interested, google Robert Hettinga, ibuc and related links. A bit of crypto won’t go amiss. See also the stories about digiash and e-gold. Lots of patents there.

The US national debt is at $10trln………do you trust them to manage your currency?

Cyber $, if managed properly, will be part of the new process of decentralised democratisation (if as John notes the internet manages to stay up during a system reorganisation).

In Kenya they have a system where money is transferred and stored in cyber land

http://www.guardian.co.uk/money/2007/mar/20/kenya.mobilephones

Community credit is alive and well in NZ with Wairarapa $ up and running also along with Golden Bay Hands.

See http://www.le.org.nz/tiki-index.php

and

http://www.transitiontowns.org.nz/

for information on local currency systems and ideas for NZ.

The concept of online barter on the other hand has its merits as long as controls are in place to make it fair and equitable. What happens if the 20 chickens I trade my trailerload of firewood for don’t actually lay eggs? Would the site guarantee I can get the firewood back?

This is the kind of project the web was born for – enabling virtual arbitrage with minimal overhead or drag. Like any technological fix, it is based on the premise that we will maintain our access to affordable, ubiquitous internet access in the face of social and economic upheaval, but I’m hopeful.

The Oil Drum has a great summary article here http://anz.theoildrum.com/node/4633

And if somebody was to launch a new ‘esperanto’ currency who would you trust to administer it? Lehmans? Sure as hell not a private company.