The Bavarian Chiemgauer is the first and largest of Germany’s Regiogeld initiatives. The currency incorporates demurrage, or negative interest: in order for Chiemgauer notes to remain valid at face value, a token must be purchased and attached every three months. This incentivises spending and discourages hoarding, meaning that the Chiemgauer circulates more rapidly and frequently than the euro. The 600 SMEs in the network meet around 50% of local people’s needs. Around 2500 users and 250 voluntary organisations also use the Chiemgauer.