Yen-Convertible Community Currency in Use

The "Loves Support Center," a nonprofit organization (NPO) based in Yamato City, Kanagawa Prefecture, has been managing circulation of a new community currency since October 2004. The currency is named "Nigiwai Love" ("Bustle of Love" in Japanese), and is convertible to yen.

This NPO used to promote local development activities utilizing a community currency, called simply "Love," in cooperation with Yamato City with the aim of benefiting the region. However, various limitations to this former currency prevented it from being used in place of money, and businesses did not find it attractive enough, regarding it only as a way of advertising discounts.

The new "Nigiwai Love" currency was created to overcome this weakness. Supporting members of the program are authorized to exchange the currency for yen if they prefer, providing that a part of the amount is contributed to a town development fund.

"Nigiwai Love" can be used together with yen for payment in shops run by supporting members. The members can exchange "Nigiwai Love" for yen once a month depending on their needs. By the end of March 2005, about 30 businesses had registered as supporting members.



Posted: 2006/01/15 03:12:45 PM
Japanese version