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About the Argentina Credito Currency
Credito - The Crédito was a local currency started on 1 May 1995 in Bernal, province of Buenos Aires, Argentina, on a garage sale, which was the first of many neighbourhood barter markets (mercados de trueque) that emerged in Argentina during the economic crisis.
The currency started as a Local Exchange Trading Systems (LETS) system but was soon replaced by a number of printed currencies and, after further experimentation with a LETS called nodine (from no dinero, "not money"), finally became the Crédito, a printed currency again. [1]
The RGT was organized as a chaordic network of barter clubs, which had a clientele from a well educated middle class that had fallen into unemployment during the Argentine recession of the late 1990s.
The clubs of the RGT had no central organ, no central administration and no legislation. Clubs decided for themself to accept the Créditos of other clubs and not all clubs issued their own Créditos. Clubs that did usually issued between 30 and 50 Créditos per participant. In a later phase some of the clubs joined zones or networks and zones became the issuers of Créditos instead of individual clubs. The chaordic structure allowed the system to grow quickly but also left the system vulnerable to fraud.
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