Category: Basic Project Articles Published: 29 January 2013 The
Hudson Valley Currrent is a proposed local, community-based
transactional system that operates outside the U.S Dollar. Its
unit of exchange is the Current, which is defined as having a
value equal to a U.S. Dollar but which is created through the
delivery of goods and services by community members. The
foundation of the system is a mutual credit network, which will
start with a business-to-business (B2B) focus, and then evolve
to include a business-to-consumer (B2C) function. The final step
in establishing the full system as proposed will be the issuance
of a printed local currency based on credits in the network.
This currency could be used by anyone. A mutual credit network
functions by granting members of the network short-term credit
for transactions with other network members, and operating an
accounting system of credit clearing. Transactions among members
create credits and debits in each member’s account, and those
credit/debit balances a