Inspired by the Swiss WIR, the SoNantes currency launched in Spring 2015, supported with EU funding and managed by Nantes’ public bank.
Its innovative model allows businesses to trade using a closed-loop mutual-credit system, alongside individual consumers who have bought in to the scheme through purchasing credits for euros.
| Currency | SoNantes |
|---|---|
| Rule setting entity | Subsidiary of the Crédit Municipal de Nantes |
| Management of quantity of new money and total money supply | Member businesses, Crédit Municipal and users. |
| Putting into circulation | For businesses SoNantes follows a mutual-credit mechanism. Citizens obtain SoNantes by buying them for euros. |
| Taking out of circulation | The total balance of all SoNantes account holders will always be 0. Units purchased by consumers can be changed back to euros |
These all-digital credits can be exchanged for goods and local services, including public transport, using a swipe card.