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Can a currency system be localized?

A friend of mine is studying alternative money systems in Boulder, and has solicited input from her varied professional circles. Here are the questions she poses about localizing community transactions:

What is money? What does money do? What are certain properties of money (properties/qualities of money, of the realm of money)? What is the current money system now? How does it work? What are ‘problems’ with our current money system? Any thoughts about solutions to these perceived problems? 
 
How do we ‘localize’ money to the community? Who/What are the communities we want to serve in developing a local currency infrastructure? Consumers/Citizens? Local business? Banks/Credit Unions?

Who would benefit from a local currency? Who would not benefit? What are the various ‘possible’ geographical boundaries of this local money system? One business? A block of business? City?  Watershed?

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