Activist and evangelist of community-based economy Paul Glover[1] joined http://Chronobank.io team!

In 1991 he created the time-based currency Ithaca HOURS[2].

The primary goal of this money was to support the local community by creating a new economic alternative to traditional finance system. Keeping money in the community and out of international corporations and banks was a part of the idea.

One Ithaca HOUR is equal to Ithaca’s $10.00 bill because ten dollars per hour was the average of wages/salaries in Tompkins County. HOURS are real money — local tender rather than legal tender, backed by real people, real labour, skills and tools.

Ithaca HOUR notes, in five denominations, buy plumbing, carpentry, electrical work, roofing, nursing, chiropractic, child care, car and bike repair, food, eyeglasses, firewood, gifts, and thousands of other goods and services. Our credit union accepts them for mortgage and loan fees. People pay rent with HOURS. The best restaurants in town take them, as do movie theatres, bowling alleys, two large locally-owned grocery stores, our local hospital, many garage sales, 55 farmer’s market vendors, the Chamber of Commerce, and hundreds more businesses.

HOURS are legal money. Professor Lewis Solomon of George Washington University has written a book titled “Rethinking Our Centralized Monetary System: The Case for a System of Local Currencies” (Praeger, 1996) which is an extensive case law study of the legality of local currency.

Join our ICO!

[1] http://www.paulglover.org

[2] http://www.ithacahours.com