Banco Mumbuca
UBI Community CurrencyCommunity bank distributing a basic income of 230 mumbucas/month to ~93,000 beneficiaries in Marica, funded by oil royalties. Accepted at ~3,000 local businesses.
| Type | UBI Community Currency |
| Region | Marica, Brazil |
| Status | Active |
| Links |
M69 Score
M69 Alignment2.2
Minimally aligned
1.02.03.04.05.0
Monetary Sovereignty1.8
Issuance (3x) + Stability (2x) + Fiat Indep. (2x)Civilizational Durability1.9
Sovereignty + Governance + ResilienceUniversal Adoption3.5
Traction (2x) + InclusivityIss Mod3x
1.8
Stability2x
2.2
Fia Ind & Int2x
1.3
Traction2x
3.6
Sovereignty
1.1
Governance
1.9
Resilience
2.6
Inclusivity
3.4
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Key Findings
Strongest category: Traction (3.6)Banco Mumbuca is one of the world's most successful community currencies by scale: 130,000+ users, 16,000+ merchants, ~R$3 billion moved, 13 years of continuous operation, extensive academic coverage, and demonstrated COVID-19 resilience. Few complementary currency projects achieve this level of real-economy penetration.
Strong Inclusivity (3.4)The system is purpose-built for financial inclusion, distributing oil wealth to 93,000 low-income residents (47% of Marica's population) at zero cost. Anti-concentration mechanisms are structural, and economic benefits flow broadly through the community rather than concentrating among insiders.
Critical weakness: Fiat Independence (1.3)The mumbuca is a 1:1 BRL wrapper with 100% fiat reserves. It has no independent unit of account, no fiat transition path, and would fail entirely if the BRL collapsed. From an M69 perspective, it is not a monetary innovation but a fiat distribution mechanism.
Critical weakness: Sovereignty (1.1)Fully custodial, fully surveilled, fully controlled by a single municipality, with no open-source code, no censorship resistance, no privacy, and no technological enforcement of monetary rules. The 2025 platform transition demonstrated that the municipality can unilaterally replace core infrastructure.
The tension between social impact and monetary sovereigntyBanco Mumbuca achieves extraordinary social outcomes (poverty reduction, local economic stimulation, financial inclusion) precisely because of the features that score poorly on M69: centralized control enables rapid crisis response, full surveillance enables program integrity, and fiat pegging enables immediate real-world utility. The design is optimized for social policy delivery, not monetary sovereignty.
The big takeawayBanco Mumbuca is a world-class social currency and one of the most impactful basic income experiments globally, but it is structurally a municipal fintech -- a government-controlled digital payment system for distributing fiat-backed social benefits. Its M69 score (2.2) reflects this fundamental gap: exceptional at getting money to people who need it, but offering no monetary sovereignty, no fiat independence, and no architectural resilience against institutional capture. A project seeking to learn from Mumbuca's success while pursuing M69 alignment would need to decouple the brilliant distribution model from fiat dependency and centralized control.
Detailed Rating Breakdown
Framework v0.2-alpha · Rated 2026-04-10Banco Mumbuca is Brazil's largest community development bank, founded in 2013 in Marica, Rio de Janeiro state, through Municipal Law No. 2.448/2013 (the Solidarity Economy Program). It operates the mumbuca, a digital social currency pegged 1:1 to the Brazilian real, used to distribute a Citizens' Basic Income (Renda Basica de Cidadania) of 230 mumbucas/month to approximately 93,000 residents — nearly 47% of Marica's population. The system runs on the E-dinheiro digital payments platform, connects over 16,000 registered merchants, and has moved approximately R$3 billion between 2018 and 2024. Funding comes from Marica's oil royalties from the Santos Basin, supplemented by a sovereign wealth fund created in 2017 to ensure long-term sustainability. From an M69 alignment perspective, Banco Mumbuca excels in traction and inclusivity. It is one of the largest complementary currency systems in the world, with genuine real-economy adoption among tens of thousands of businesses and hundreds of thousands of users, and it actively serves a financially excluded population through direct basic income distribution. The project has survived the COVID-19 pandemic, during which it rapidly doubled benefits and sustained local economic activity while federal programs struggled with delays. Its cultural narrative around solidarity economy and local development is strong. However, the system has fundamental weaknesses in monetary sovereignty and civilizational durability. The mumbuca is hard-pegged 1:1 to the Brazilian real with 100% fiat backing, making it entirely fiat-dependent with no independent monetary policy. Issuance is controlled by a single municipal government acting through the bank, with no permissionless mechanism. The system is fully custodial, centralized on a proprietary platform, subject to a single municipality's jurisdiction, and offers no privacy or censorship resistance. Governance is opaque and concentrated between the municipal government and Instituto E-Dinheiro Brasil. While Banco Mumbuca is a remarkable social innovation and one of the world's most successful community currencies, its design is structurally a fiat distribution channel rather than an independent monetary system, which limits its M69 alignment.
Issuance Model3x1.8
| Code | Question | Score |
|---|---|---|
| IM-01 | Is issuance permissionless?Single-issuer model. The mumbuca is issued exclusively by Banco Mumbuca on behalf of the Marica municipal government. New mumbucas are created when the municipality deposits reais to fund the basic income program and other social transfers. No other entity can issue mumbucas. | 1 |
| IM-02 | Is new supply created through debt?No debt mechanism in the mumbuca issuance itself — mumbucas are created through direct government transfers funded by oil royalties, not through lending or borrowing. However, Banco Mumbuca also offers microcredit programs (MumbuCred) using mumbuca, which is a secondary debt-based function. Primary issuance is debt-free. | 4 |
| IM-03 | Is issuance tied to measurable real-world economic activity?Issuance is tied to government fiscal transfers funded by oil royalties, not to a verifiable real-economy index or labor output. The amount distributed (230 mumbucas/month per beneficiary) is a political decision, not algorithmically linked to economic activity. Supply decisions are discretionary, based on available royalty revenue and political priorities. | 1 |
| IM-04 | Does the issuance model have a supply cap or hard ceiling?Uncapped discretionary supply. The municipality can issue as many mumbucas as it has reais to back them. There is no hard cap, no algorithmic constraint, and no contraction mechanism built into the issuance design. Supply is determined entirely by municipal budget allocations from oil royalties. | 1 |
| IM-05 | Can supply contract (burn/redemption) as well as expand?Merchants can convert mumbucas back to reais (paying a 1% fee with a 48-hour waiting period), which effectively removes mumbucas from circulation. This is a user-initiated contraction mechanism but is designed as an exit ramp rather than a monetary contraction tool. Supply is monotonically increasing from the issuance side; contraction occurs only through merchant redemption. | 2 |
Spending Power Stability2x2.2
| Code | Question | Score |
|---|---|---|
| SPS-01 | What mechanism does the protocol use to target spending power stability?No explicit spending power stability mechanism. The mumbuca relies entirely on its 1:1 peg to the Brazilian real. There is no algorithmic adjustment, no rebase, no independent stability targeting. Stability is inherited from the BRL, which itself experiences significant inflation (Brazil's annual inflation has ranged 3-12% in recent years). | 2 |
| SPS-02 | What benchmark is used to measure spending power?The benchmark is a 1:1 peg to the Brazilian real. The BRL is a single fiat currency that delivers moderate stability but with meaningful inflation (Brazil's CPI has averaged ~5-6% annually in recent years). No independent basket, no real-economy index. | 2 |
| SPS-03 | How transparent and verifiable is the stability measurement?The 1:1 peg is simple and publicly stated. Banco Mumbuca holds reais in reserve to back the mumbucas. However, there is no published independent audit of reserves, no on-chain verification, and no public methodology document beyond the basic peg statement. The 2% transaction fee and 1% conversion fee are publicly known. | 3 |
| SPS-04 | What is the protocol's historical deviation from its stability target?The mumbuca has maintained its 1:1 peg to the BRL since 2013 (13 years). No depegging events have been reported. The peg is mechanically enforced by the ability of merchants to convert to reais. However, the underlying BRL has experienced significant purchasing power erosion — Brazilian inflation has been substantial over this period. | 3 |
| SPS-05 | Does the protocol distinguish between short-term volatility and long-term purchasing power drift?No distinction. The system conflates price stability with purchasing power stability by pegging to BRL. Short-term volatility is low (the peg holds), but long-term purchasing power erodes with Brazilian inflation. There is no mechanism to address either dimension independently. The benefit amount has been adjusted upward over time (from 85 to 130 to 300 to 230 mumbucas), but this is a political decision, not a monetary mechanism. | 2 |
| SPS-06 | Is the stability mechanism accessible globally?The mumbuca can only circulate within Marica, among registered residents and businesses. It is geographically restricted by design — this is a feature, not a bug, as the purpose is to keep money circulating locally. But from a global accessibility standpoint, the stability mechanism is available only in a single municipality. | 1 |
Fiat Independence & Interoperability2x1.3
| Code | Question | Score |
|---|---|---|
| FI-01 | What is the protocol's unit of account?Hard-pegged 1:1 to the Brazilian real. 1 mumbuca = 1 real. The unit of account is entirely borrowed from the BRL. Prices in mumbuca are identical to prices in reais. | 1 |
| FI-02 | What is the fiat composition of the protocol's collateral or reserves?100% fiat reserves. Every mumbuca in circulation is backed 1:1 by Brazilian reais held by Banco Mumbuca. The reserve is entirely composed of fiat currency deposited by the municipal government from oil royalty revenue. | 1 |
| FI-03 | Does the protocol depend on fiat banking infrastructure to function?The system fundamentally depends on fiat banking infrastructure. Banco Mumbuca receives reais from the municipal government through the banking system. Merchants convert mumbucas back to reais through banking channels. The E-dinheiro platform operates as a payment arrangement registered with Brazil's Central Bank. Without banking, the system cannot function. | 1 |
| FI-04 | Are the protocol's price feeds and oracles fiat-denominated?No price feeds or oracles are needed because the mumbuca is a fixed 1:1 peg to the BRL. All pricing is inherently fiat-denominated. The currency has no independent price discovery mechanism. | 1 |
| FI-05 | What happens to the protocol if the primary fiat currency it references collapses or depegs?The mumbuca would fail entirely if the BRL collapsed. Since every mumbuca is backed 1:1 by reais and the unit of account is the real, a BRL collapse would directly destroy the mumbuca's value. There is no independence from fiat systemic risk whatsoever. | 1 |
| FI-06 | Does the project have a credible transition path from fiat-dominated adoption to fiat-independent operation?No consideration of fiat transition. The mumbuca was designed as a fiat-pegged local currency and treats fiat integration as permanent and desirable. There is no roadmap, no aspiration, and no mechanism for achieving fiat independence. The entire model depends on converting oil royalties (received in reais) into mumbucas. | 1 |
| FI-07 | Can local or sectoral currencies be denominated in or settle against this currency?The mumbuca itself is a local currency within the E-dinheiro network, which supports 40+ community banks across Brazil using their own local digital currencies. However, mumbuca does not serve as a base unit for other currencies — each community bank's currency is independently pegged to the BRL. The E-dinheiro platform provides shared infrastructure but not monetary composability between local currencies. | 2 |
| FI-08 | Does the protocol define open standards for interoperability with other monetary systems?The E-dinheiro platform connects 40+ community banks, providing shared infrastructure and some interoperability within the network. However, this is a proprietary platform operated by Instituto E-Dinheiro Brasil, not an open standard. There is no published interoperability specification, no open API documentation for external systems, and no cross-system settlement protocol. | 2 |
Traction2x3.6
| Code | Question | Score |
|---|---|---|
| TR-01 | Is the project still active?Fully active and growing. Banco Mumbuca is operational, distributing basic income to ~93,000 people, processing ~20,000 transactions per minute, and expanding programs (Mumbuca Saude launched in 2026). Currently undergoing a platform transition from E-dinheiro to a new system, which has caused some temporary disruptions. | 4 |
| TR-02 | How long has the project been in existence?Founded in 2013, operational for 13 years. The municipal law creating the Solidarity Economy Program, Banco Mumbuca, and the mumbuca currency was passed in 2013. Digital platform adoption via E-dinheiro began in 2018. | 5 |
| TR-03 | How many active users does the project have?Over 130,000 total users including ~93,000 basic income beneficiaries and ~65,000 additional account holders. This comfortably exceeds the 100K threshold. Marica has ~197,000 residents, meaning approximately two-thirds of the population uses the system. | 4 |
| TR-04 | How many businesses or organizations accept the project's currency?Approximately 16,000 commercial establishments and service providers are registered to accept mumbuca. This grew from 2,780 in early 2020 to over 8,276 by October 2020, and has continued growing. This exceeds the 10,000+ threshold for the top score. | 5 |
| TR-05 | Is the currency used as a unit of account?The mumbuca is used as a unit of account within Marica — businesses display prices and accept payment in mumbucas. However, since 1 mumbuca = 1 real, there is no independent unit of account function. Prices are denominated in reais and simply accepted at par in mumbucas. The mumbuca is never quoted as a separate denomination; it is always equivalent to a fiat amount. | 2 |
| TR-06 | Is the founder or core team still actively working on the project?Active leadership. Manuela Mello serves as president of Banco Mumbuca. Joaquim Melo (founder of Banco Palmas and co-founder of Instituto E-Dinheiro) remains involved as institutional director. The Marica municipal government remains actively engaged. The project is undergoing a major platform transition in 2025-2026 led by current leadership. | 5 |
| TR-07 | What partner organizations or institutions support or integrate the project?Multiple partners across sectors: Marica municipal government (funding and policy), Instituto E-Dinheiro Brasil (technology platform), Brazilian Network of Community Banks (40+ community banks), Jain Family Institute (academic research), Fluminense Federal University (evaluation), Banco Palmas (founding partner), and various local cooperatives and associations. Well over 10 independent partner organizations. | 5 |
| TR-08 | Is the project covered or recognized by credible external sources?Extensively covered. Peer-reviewed academic research (Revue d'economie du developpement, IJCCR, ResearchGate publications), major media coverage (Washington Post, Rest of World, Americas Quarterly, YES! Magazine), the Jain Family Institute evaluation, and cited in policy discussions about basic income globally. Inspired similar programs in Niteroi and other Brazilian cities. | 5 |
| TR-09 | Is adoption organic — not dependent on subsidies, incentives, or mandates?Adoption is primarily subsidy-driven. The basic income program is the primary driver of mumbuca adoption — 93,000 people receive government transfers in mumbuca. Businesses accept it because customers have it. The 2% transaction fee creates a mild disincentive for merchants. Some organic adoption exists (residents opening accounts voluntarily, businesses choosing to accept it), but the system would collapse without the government subsidy. | 2 |
| TR-10 | What is the growth trend over the past 12 months?Mixed. The system expanded programs (Mumbuca Saude in 2026, recadastration in 2025) and user counts have grown. However, the platform transition from E-dinheiro in late 2025 caused significant disruption — merchants refused payments, the new app experienced outages, and lines formed at businesses. Growth trajectory is positive overall but with operational disruption. | 3 |
| TR-11 | Does the project have a coherent narrative and cultural identity that drives long-term commitment?Strong founding narrative rooted in Brazilian solidarity economy (economia solidaria), community banking tradition pioneered by Banco Palmas, and municipal commitment to combating poverty. The mumbuca is named after a local stingless bee, embedding local cultural identity. The "We accept mumbuca" signage throughout Marica creates visible community solidarity. However, commitment is heavily tied to municipal politics and government funding rather than autonomous community movement. | 4 |
Sovereignty1.1
| Code | Question | Score |
|---|---|---|
| SO-01 | Can any single entity shut down the project?The Marica municipal government can unilaterally shut down the mumbuca. The currency was created by municipal law and is funded by municipal budget allocations from oil royalties. A change in municipal administration or a revocation of the law would end the system. The late-2025 platform transition (moving away from E-dinheiro) demonstrates the municipality's unilateral control over core infrastructure decisions. | 1 |
| SO-02 | Is the project's core infrastructure permissionless and self-hostable?The E-dinheiro platform is proprietary software operated by Instituto E-Dinheiro Brasil. There is no open-source code, no public protocol specification, and no ability for users or communities to independently run the infrastructure. The platform has a "closed architecture model" per academic research. | 1 |
| SO-03 | Is the project subject to the jurisdiction of a single nation-state?Fully dependent on Brazil's legal framework, specifically on a single municipality's laws. The mumbuca was created by Marica municipal law and operates exclusively within Marica. It is registered as a payment arrangement with the Brazilian Central Bank. Regulatory action at the municipal, state, or federal level could end the project. | 1 |
| SO-04 | Does the project control or custody user funds?Fully custodial. Users' mumbuca balances are held by Banco Mumbuca and managed through the E-dinheiro platform (now transitioning to a new platform). Users have no direct control over their funds, no private keys, and no self-custody option. The bank and platform operators can freeze, modify, or restrict access to balances. | 1 |
| SO-05 | Is the project resilient to key-person risk?Moderate key-person risk. The project depends on continued municipal government support (political risk) and has key figures: Manuela Mello (president of Banco Mumbuca) and Joaquim Melo (institutional director of E-dinheiro). However, the municipal law provides institutional continuity regardless of individuals, and the platform is operated by an organization (Instituto E-Dinheiro Brasil) rather than a single person. | 3 |
| SO-06 | Does the project depend on any third-party service that could be revoked?Critical dependency on the E-dinheiro platform (being transitioned away from in 2025), the Marica municipal government (funding), and the Brazilian banking system (reserve custody and fiat conversion). The 2025 platform transition demonstrated the fragility of the E-dinheiro dependency — when the relationship ended, the system experienced significant disruption. | 1 |
| SO-07 | Can the project be censored — can specific users or transactions be blocked?Full censorship capability. Banco Mumbuca and the platform operator can block users, freeze accounts, and refuse transactions. The recadastration process in 2025 demonstrates the ability to require re-registration, and balance blockages during the platform transition were reported. The system operates under Brazilian financial regulations including KYC requirements. | 1 |
| SO-08 | Does the protocol protect transaction privacy as a monetary right?No privacy. The digital currency's journey through the economy can be "tracked in minute detail, from entry to exit." All transactions are visible to Banco Mumbuca and the platform operator. The system was specifically designed for transparency and tracking of government benefit spending. Full transaction surveillance by the operator. | 1 |
| SO-09 | Does the technology enforce the project's monetary rules such that governance cannot silently override them?No technological enforcement of monetary rules. The 1:1 peg, issuance rules, transaction fees, and conversion rules are all policy decisions enforced by the platform operator and Banco Mumbuca. The municipal government and bank operators can change rules unilaterally. The 2025 platform transition demonstrated that the entire technological foundation can be replaced by administrative decision. | 1 |
Governance1.9
| Code | Question | Score |
|---|---|---|
| GO-01 | How are decisions about the project made?Governance is informal and concentrated. Decisions are made by the Marica municipal government (funding and policy), Banco Mumbuca leadership (operations), and Instituto E-Dinheiro Brasil (technology). The municipal law provides the legal framework but does not establish a formal governance process for monetary decisions. The 2025 platform transition was decided without a publicly documented participatory process. | 2 |
| GO-02 | Who has voting or decision-making power, and how is that power distributed?Decision power is held by the Marica municipal government (elected officials control funding), Banco Mumbuca president, and Instituto E-Dinheiro Brasil. The Brazilian Network of Community Banks has some collective decision-making through assemblies for E-dinheiro platform decisions, but Marica-specific decisions are controlled by the municipality. No voting mechanism for users or merchants. | 2 |
| GO-03 | Is the governance process — and the monetary mechanism itself — transparent and publicly auditable?Limited transparency. The basic rules (1:1 peg, 2% transaction fee, 1% conversion fee, 48-hour waiting period) are publicly known. The E-dinheiro platform tracks transactions in detail. However, governance deliberations, reserve audits, and decision rationale are not publicly documented. Municipal budget allocations are part of public records but detailed Banco Mumbuca financial reporting is not readily available. | 2 |
| GO-04 | Can governance be captured by a small group or hostile actor?Governance is already concentrated. A change in municipal government is the primary capture vector — Marica's mayor controls the budget that funds the mumbuca. The currency was created by a specific political administration (Washington Quaqua) and depends on continued political will. A hostile municipal election outcome could defund or terminate the program. The 2025 platform transition demonstrated unilateral power. | 2 |
| GO-05 | How are upgrades and changes to the protocol or project proposed and executed?Upgrades are pushed by the municipal government and Banco Mumbuca without formal community input. The 2025 platform transition — the most significant operational change in the project's history — was executed as an administrative decision. Benefit amount changes (85 to 130 to 300 to 230 mumbucas) are set by municipal decree. No proposal process, no community vote, no time-lock. | 1 |
| GO-06 | Is there a separation between governance over monetary policy and governance over operational decisions?No separation. The same actors (municipal government, Banco Mumbuca) make both monetary policy decisions (benefit amounts, peg rules, fees) and operational decisions (platform changes, recadastration). No structural distinction exists between the two domains. | 1 |
| GO-07 | Does the project have a constitution, charter, or set of immutable principles?Municipal Law No. 2.448/2013 provides the legal foundation, establishing the Solidarity Economy Program, the community bank, and the social currency. This is a formal legal document with principles (combating poverty, promoting local development). However, it can be amended or repealed by a simple municipal council vote. It is not immutable and provides no constitutional protection for monetary rules. | 3 |
| GO-08 | Can the project's issuance rules be changed, and are monetary policy changes subject to stronger constraints than operational changes?Issuance rules can be changed by the municipal government. The benefit amount has been changed multiple times (85, 130, 300, 230 mumbucas). The 2% transaction fee and 1% conversion fee are set by Banco Mumbuca policy. No special constraints protect monetary rules — they can be changed as easily as any other operational parameter. The municipal law provides some framework but monetary parameters are set by executive decision. | 2 |
Resilience2.6
| Code | Question | Score |
|---|---|---|
| RE-01 | Has the project survived a major crisis or adversarial event?Survived the COVID-19 pandemic, during which it doubled benefits to 300 mumbucas and rapidly deployed emergency assistance while federal programs experienced delays. Between March and October 2020, registered businesses more than doubled (from 3,705 to 8,276). The system not only survived but expanded during the crisis. Also survived a contentious platform transition in late 2025. | 4 |
| RE-02 | Does the project have redundancy in its critical infrastructure?Minimal redundancy. The system runs on a single platform (E-dinheiro, transitioning to a new unnamed platform). The 2025 transition demonstrated that switching platforms causes significant disruption — app outages, merchant refusals, long lines. The reserve is held in a single entity (Banco Mumbuca). No documented failover or redundancy architecture. | 2 |
| RE-03 | Can the project recover from a catastrophic failure?Recovery would depend on the municipal government, Banco Mumbuca staff, and platform operators. The concept is simple (1:1 fiat peg with basic income distribution) and could be rebuilt. However, account data, transaction histories, and balances are held in centralized systems with no documented backup or open-data policies. The 2025 platform transition is effectively a partial recovery exercise and has been disruptive. | 3 |
| RE-04 | Is the project's design simple enough to be maintained and understood long-term?Very simple design. 1 mumbuca = 1 real. Basic income deposited monthly. Merchants accept payment, convert to reais with 1% fee and 48-hour delay. The concept is immediately understandable by any participant. The technology layer adds complexity, but the monetary concept is elegant in its simplicity. | 4 |
| RE-05 | Is the project dependent on a specific technology that could become obsolete?Dependent on the E-dinheiro platform (now transitioning), which is proprietary software on standard mobile/web technology. The underlying technology (mobile apps, payment cards, databases) is generic and could be re-implemented on any platform. The 2025 platform transition, while disruptive, demonstrates that the concept can survive technology migration. | 3 |
| RE-06 | How does the project handle economic stress (bank runs, liquidity crises, collateral crashes, inflation/deflation shocks)?The 1:1 peg with full fiat backing means the system imports all macroeconomic stress from the BRL — Brazilian inflation directly erodes mumbuca purchasing power. The 48-hour conversion delay and 1% fee provide mild friction against bank runs but are not designed as stress mechanisms. During COVID, the system responded by increasing supply (doubling benefits), which was possible because of increased oil royalties. No formal stress testing or circuit breakers exist. | 2 |
| RE-07 | Does the project have sustainable funding for long-term maintenance?Strong funding model. Funded by Marica's oil royalties from the Santos Basin, supplemented by a sovereign wealth fund (1.53 billion reais / ~$320 million under administration as of 2023) designed to guarantee programs in perpetuity. The wealth fund receives 5-15% of regular royalty transfers and generates its own returns. The 2% transaction fee provides additional operational revenue. This is one of the most financially sustainable community currency systems globally. | 4 |
| RE-08 | Can the system operate across extreme latency, disconnected networks, and multi-century timescales?The system requires internet connectivity for the mobile app and POS transactions. It cannot operate in disconnected environments. The design is tightly coupled to current mobile internet infrastructure. In 2025, app outages during the platform transition disrupted operations. No consideration of high-latency or disconnected-network scenarios. | 2 |
| RE-09 | Is the system designed for a world where AI agents are primary economic actors?The system requires human identity verification and registration for both users and merchants. KYC is mandated. There is no API for programmatic access, no smart contract interface, and no consideration of machine participants. The system is designed exclusively for human residents of Marica. | 1 |
Inclusivity3.4
| Code | Question | Score |
|---|---|---|
| IN-01 | Can anyone in the world participate regardless of nationality, wealth, or status?Restricted to Marica residents only. Participation requires being a registered resident of Marica, Rio de Janeiro. No nationality or wealth barriers within Marica — the program specifically targets low-income residents. However, geographic restriction to a single municipality of ~197,000 people is a significant limitation on universal access. | 2 |
| IN-02 | What is the minimum cost to start using the project?Zero cost to begin. The E-dinheiro app is free to download. Account opening is free. Basic income recipients receive 230 mumbucas/month with no cost. No minimum balance, no account fees for individuals. Merchants pay a 2% transaction fee on sales. | 5 |
| IN-03 | Does the project actively serve underbanked or financially excluded populations?Designed specifically for financially excluded populations. The program was created to distribute oil royalties to the 13,000 poorest residents of Marica and has expanded to cover 93,000 people (~47% of the population). The mumbuca enables financial inclusion for people without traditional bank accounts — they receive digital money and access financial services through Banco Mumbuca. MumbuCred provides microcredit to those excluded from commercial lending. | 5 |
| IN-04 | Does the project distribute economic benefits — including seigniorage — broadly, or concentrate them among insiders?Economic benefits flow broadly. Oil royalty revenue is distributed to 93,000 residents as basic income. The 2% transaction fee funds Banco Mumbuca's social activities and microcredit programs, not private profit. Banco Mumbuca is a community bank, not a for-profit institution. No insider advantage, no VC allocation, no founder enrichment. However, the municipal government controls the allocation and could redirect funds. | 4 |
| IN-05 | Does the project treat all participants equally under the same rules?Largely equal treatment. All basic income recipients receive the same amount (230 mumbucas/month). All users transact under the same rules. However, there is a structural distinction between individual users (who cannot convert to reais) and business owners (who can convert with 1% fee and 48-hour delay). Eligibility for basic income is means-tested (income-based criteria). These are reasonable policy distinctions but they create different rules for different participant classes. | 3 |
| IN-06 | Does the project require identity documentation or surveillance to participate?Government-issued ID and proof of residence in Marica are required for registration. The 2025 recadastration required re-verification of all participants with home visits. All transactions are fully tracked by the operator. The system creates a comprehensive surveillance relationship between the municipality and participants. However, this is done for social program integrity rather than oppressive surveillance. | 2 |
| IN-07 | Does the project have mechanisms to prevent wealth concentration over time?Strong anti-concentration features. The basic income distribution is inherently redistributive — transferring oil wealth to the poorest residents. The geographic restriction prevents capital flight. The inability of individual users to convert to reais prevents savings extraction. The 1% conversion fee and 48-hour delay discourage merchant hoarding. The design structurally circulates money within the local economy. | 5 |
Frequently Asked Questions
What is Banco Mumbuca and what problem does it solve?
Banco Mumbuca is Brazil's largest community development bank, founded in 2013 in Marica, Rio de Janeiro state, through Municipal Law No. 2.448/2013 (the Solidarity Economy Program).
How is money created in Banco Mumbuca?
Single-issuer model. The mumbuca is issued exclusively by Banco Mumbuca on behalf of the Marica municipal government. New mumbucas are created when the municipality deposits reais to fund the basic income program and other social transfers.
How does Banco Mumbuca maintain stable spending power?
No explicit spending power stability mechanism. The mumbuca relies entirely on its 1:1 peg to the Brazilian real. There is no algorithmic adjustment, no rebase, no independent stability targeting.
Is Banco Mumbuca independent from fiat currencies?
Hard-pegged 1:1 to the Brazilian real. 1 mumbuca = 1 real. The unit of account is entirely borrowed from the BRL.
Who controls Banco Mumbuca and can it be shut down?
The Marica municipal government can unilaterally shut down the mumbuca. The currency was created by municipal law and is funded by municipal budget allocations from oil royalties. A change in municipal administration or a revocation of the law would end the system.
How widely adopted is Banco Mumbuca today?
Over 130,000 total users including ~93,000 basic income beneficiaries and ~65,000 additional account holders. This comfortably exceeds the 100K threshold. Marica has ~197,000 residents, meaning approximately two-thirds of the population uses the system.
Is Banco Mumbuca still active and growing?
Fully active and growing. Banco Mumbuca is operational, distributing basic income to ~93,000 people, processing ~20,000 transactions per minute, and expanding programs (Mumbuca Saude launched in 2026). Currently undergoing a platform transition from E-dinheiro to a new system, which has caused some temporary disruptions.
What are the main risks or weaknesses of Banco Mumbuca?
Weakest category: Sovereignty (1.1).
What makes Banco Mumbuca unique from an M69 perspective?
Strongest category: Traction (3.6): Banco Mumbuca is one of the world's most successful community currencies by scale: 130,000+ users, 16,000+ merchants, ~R$3 billion moved, 13 years of continuous operation, extensive academic coverage, and demonstrated COVID-19 resilience. Few complementary currency projects achieve this level of real-economy penetration.
How is Banco Mumbuca's M69 Score calculated?
Banco Mumbuca scores 2.2/5.0 overall. Pillar scores: Monetary Sovereignty 1.8, Civilizational Durability 1.9, Universal Adoption 3.5. Strongest: Traction (3.6). Weakest: Sovereignty (1.1).