At first, commercial transactions were made through barter : that is, I work a few hours and you in return give me a dozen eggs, half of which I can later exchange for milk. This method became sophisticated when coins were started to be minted in valuable metals, such as gold and silver. The next step was the appearance of the banknotes , which the bank gave to the gold depositories according to the weight of their safes. However, after the Second World War, the bills stopped having a direct correlation with any physical deposit and we arrived at the current situation. We carry the purses full of papers and coins whose value we accept blindly. The Bank of Spain is the one who prints our euros, but can anyone make money ? The answer is yes, as long as you have a printer.
Each one of us could create our own monetary system in our house or neighbor’s staircase, says tax expert Albert Sagués. However, the utility of such currency would depend on the degree of trust that inspired the neighbors. “When we talk about a legal tender, what we are saying is that it is guaranteed that I will be able to use it everywhere and that it will be exchanged for other currencies if I wish,” he says. In this sense, the own money that we could distribute in the ladder of neighbors would lose all validity once crossed the portal, since hardly a clerk of supermarket would accept it in exchange for the purchase.
Something similar is what will happen when the Barcelona City Council prints its own currency, says the professor of the Master ‘s Degree in Taxation at the UPF School of Management . Thus, the initiative of Ada Colau will work as long as the establishments of the city accept the value of the local currency that is established from the consistory. In addition, Sagués warns that another requirement for the Barcelona currency to go ahead is for the City Council to guarantee that it has a sufficient reserve of euros to assume the exchange to Euros at any time.
“Let’s put the case that every 20 euros you get 21 colaus.If you start to rumored that the City does not have euros to redeem all the colaus that has printed, people will try to get rid of them at any price, for example, 100 colaus for 50 This would cause inflation and the local currency would sink, “says the professor.
Sagués believes that the initiative of the Barcelona town hall can work thanks to the tourist element, since the local currency will be seen as something “folkloric”, like a souvenir. However, remember that it will be the confidence of the users who will determine the final success or failure: “There is no longer a large reserve of gold to which we can go to exchange our notes for bullion.” The notes and coins are worth what they are worth because we we believe it “, ditch.