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Sardex Srl

 

Many new forms of money are developing and emerging from the economic crises, the Sardex being one of them. Sardex is a very successful business-to-bussiness/electronic-only local currency system established in Sardinia, by a social innovation startup. This mutual credit system was set up as a response to the economic recession with the hope that it would have a positive impact on the island's economy and through it create employment opportunities in a town in one of the poorest regions of Italy with a youth unemployment rate of 50%.

 

Its design principles draw both from typical LETS platforms and the Swiss WIR system. Sardex is an electronic-only payment system; there is no bank. The currency is not exchangeable with the Euro, nor can it be used outside Sardinia.

 

Each firm begins at zero Sardex, earning the digital currency by offering goods or services to others in the network. Companies may go into debt but only up to a certain limit and they have to solve their debts within twelve months from the loan. The Sardex network lends credits to firms without interest. The Sardex functions purely as a means of exchange based on trust. Currently it has 3,200 members and their goal is to have 10,000 subscribers. It is noticeable that as soon as members begin to participate in the process of earning and spending trade credits, they begin to increase their workers' salaries and invest in their education.

 

In 2015 Sardex had 51 million euros in transaction volume and about € 84 million since it had its first paying member in 2010.

 

A little over a year ago, Sardex began to replicate its business in seven other regions of Italy, including Lombardy and Sicily. In the future, Sardex is planning to bring consumers into the trading community, which will enhance the circulation of local trade credits, increase its recognition and stimulate sales for their business members. Within a few years, Sardex may expand to other countries. They have been getting enquiries from all around the world – Brazil, Croatia, UK and Catalunya.

 

Also read our earlier newsarticle: Summer Foundation visits complementary currency systems.

 

Sources: FT Magazine, Society for the Advancement of Socio-Economics, The London School of Economics (LSE), everyday economies, Beyond Money and Yale University.

 

Last update: October 2016

 

 
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Properties

Type of initiative Company
Field of work Financial services, Other (specify): Local currency system
Date of commencement 2009
Founder(s) Giuseppe Littera, Gabriele Littera, Carlo Mancosu, Piero Sanna, Franco Contu
Legal form Limited liability company
Continent Europe
Country Italy
City Serramanna
One or several keywords that describe your initiative B2B, local currency, mutual credit system, digital currency, complementary currencies
Publications Blog, videos, newspaper articles
More information Twitter, Facebook, YouTube, LinkedIn
 

Contact person(s)

Giuseppe Littera

 

Contact information

Name Sardex Srl
Address Via Roma 72
Zip/postal code 09038
Place Serramanna
State/province Sardinia
Country Italy
Phone +39 (0)703327433
E-mail info@sardex.net
Website www.sardex.net

 

 

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