Local Currencies

Use Case

We are currently working on our first implementation of an existing local currency on the Sikoba platform, which will then be used as a kind of "template" for other local currencies.

There are many advantages to use Sikoba for your local currency project, or to migrate your existing local currency to Sikoba:

Choice of integration: a local currency can be added natively to Sikoba as a regular currency, in which case it will be available to all users, subject to onboarding (cf below). Alternatively, we can set up a context in the SikobaPay app that is specific  to that currency, in which case the currency is available only after users switch from the default app context to the specific local context.

Specific onboarding:  the local currency operator can define specific onboarding rules, for example to ensure that only users from a certain geographical region can use the local currency. This may be a regulatory requirement. 

Completely Configurable: the Sikoba platform gives the local currency operator a wide range of configuration options. These include • distinction between business and private accounts • transaction fees which can depend on the account type • demurrage • cash-in and cash-out requests.

No maintenance: local currency operators have no software to install and no servers to run, as all local currencies will exist natively on the main Sikoba Network. Local currency users will use the same SikobaPay app or Sikoba web interface as any other Sikoba users, even though they may see some custom screens. Local currency operators will have access to a web interface for administrative purposes, again without the need to install any software.

Low cost: the cost of operating a local currency on the Sikoba Network will be very reasonable, and depend to a large extent on the actual number of users and volume of transactions. 

Access to Sikoba's IOU features: all standard IOU features will be available to users of the local currency, which will be of particular interest to businesses.

Interoperability: in the future, local currency operators will be given the option to make their local currencies interoperable with other local currencies existing on the Sikoba Network.

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