Banking and payment technologies are changing quickly to become more efficient and easier to use, meanwhile the way the default systems work has remained the same, and now in many ways traditional banking systems no longer fulfil the needs of many sectors of society.
Ethical banking cooperatives and democratically run alternative currencies worldwide now face the challenge how best to benefit from technological advances like blockchain, whilst staying true to their own values, as they grow, consolidate, and are able to reach a wider audience.
In this broad framework, the tools offered by blockchain technology allow people using decentralized banking to recover their sovereignty in the areas of finance, participatory budgeting and money creation.
The Bank of the Commons’ mission is to facilitate a transition to an ethical post-capitalist economy; a growing, fair, self-managed system, with the aim to build up a complete financial alternative to the official banking system.
We plan to achieve a number of goals, as follows:
- To provide payment systems without middlemen, between all participants in the cooperative banking and solidarity economy worlds.
- To provide decentralized technologies to the ethical banking and alternative currency movements.
- To interconnect the ethical banking and alternative currencies movements with practical tools that simplify their exchanges.
- To distribute ethical banking and payment systems to any part of Europe, and eventually to any part of the world.
- To retake the concept of money creation, solving the chronic cooperativist problem of lack of investment, and creating awareness about how money is “created” and the way in which this might be changed.
Joining Bank of the Commons could be your chance to co-create this adventure!