Great story and shows why it failed and how BTC fixes the issue.

Worth to note that something like this (as a concept) exists in Switzerland as WIR Bank.

Founded as a cooperative in 1934, the globally unique WIR system with its own complementary currency helps SME participants to acquire new customers, increase sales and generate higher profits . Thus, the WIR Bank cooperative makes an active contribution to the economic success of Swiss SMEs.

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