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My research discovered a local currency in Germany, which is called "the chiemgauer" (Chiemgau is a region in Bavaria). I haven't heard of it before and that is why I think it is very interesting.
"The chiemgauer" originally started as a school project from an economics teacher who wanted to teach his pupils something about finance. Therefore they created their own money which could be used in real shops and stores. The currency was pegged to the euro on a one-by-one basis with notes from 1 to 50. Although not very successful in the first place, the chiemgauer can now be used in more than 600 businesses in the local area.
A special feature of the currency is, that it automatically loses value if it is not spend because it is only valid for three months.This idea offers the opportunity to boost the local economy. If you don't want to spend your note immediately, you still can renew it by buying a special stamp that costs 2% of the note's value. This process can be repeated seven times. Co-operative banks also provide transaction services if the currency is used wit ha debit card.
People in this area see it as a good way to support the community and local businesses. This can be seen as the chiemgauer circulates nearly 2.5 times faster than the euro.
Today, the chiemgauer is a really successful project.
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