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In economics, a local currency, in its common usage, is a currency not backed by a national government (and not necessarily legal tender), and intended to trade only in a small area.
But the oldest local currencies known to be in continuous use are the WIR in Switzerland, and the Labor Banks in Japan.
Opponents of this concept argue that local currency creates a barrier which can interfere with economies of scale and comparative advantage, and that in some cases they can serve, like traditional national currencies, as a means of tax evasion.
Communitycurrencies, on the other hand, are issued by people coming together in their own finite associations.
Communitycurrencies, based as they are on well-established social principles, have the capacity of building bridges between everyday economic life and the opportunities arising in the new economy.
Moreover, while the logic of communitycurrencies, in contrast with conventional money, is intrinsically consistent with a more ethical social agenda, it is important to note that this operates through their abstract design and does not imply any particular type of behaviour from members.
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