Having a keen interest in the development of money systems, I try and keep tabs on developments around the world…but even with the internet, it is extremely difficult. I plan to post about the reasons for this later, but I try and make it a point to discuss developments on this blog. Thus, I received mild fanfare for my post about Uruguay’s complementary currency system. Tonight, I found a bit more information for the English-speaking crowd that doesn’t happen to live in Uruguay.
The C3 Uruguay harbors a double accounting system in which both pesos as well as dollars can be administrated. This reflects the reality of the Uruguayan financial system where the use of dollar has a agreed place. Consequently members have an account in which the units have the same value as the national currency – the Peso – and another where the units are nominated in dollars.
Important members in the C3U are the tax office the national pension fund and several important companies offering electricity, gas, housing, telephone and internet-services. The wide acceptance of the unit assures potential members that there are sufficient opportunities to spend within the C3 and is an important pillar in the growth strategy of the system.
This means that you can easily transfer your C3U account into dollar and peso denominations, and that it is redeemable for taxes, as well as gas, electricity, housing, telephone, and internet — all of the essential modern services besides food, which may or may not be state administered.