Chiemgauer

Regional Complementary Currency

Germany's largest regional currency (2003+) pegged 1:1 to euro, featuring demurrage system encouraging local spending.

Type	Regional Complementary Currency
Region	Bavaria, Germany
Status	Active
Links	Website

M69 Score

M69 Alignment2.5

Weakly aligned

1.02.03.04.05.0

Monetary Sovereignty2.3

Issuance (3x) + Stability (2x) + Fiat Indep. (2x)

Civilizational Durability2.1

Sovereignty + Governance + Resilience

Universal Adoption3.3

Traction (2x) + Inclusivity

Iss Mod3x

3.0

Stability2x

2.3

Fia Ind & Int2x

1.2

Traction2x

3.4

Sovereignty

1.4

Governance

2.4

Resilience

2.6

Inclusivity

3.2

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Key Findings

Strongest category: Traction (3.4)Chiemgauer's 22-year operational track record, active community of 4,200+ users and 347 businesses, extensive academic recognition, and strong cultural identity rooted in Gesell's economics give it the highest traction score among regional currencies. The sheer longevity is exceptional — few alternative monetary experiments survive a decade, let alone two.

Weakest categories: Fiat Independence (1.2) and Sovereignty (1.4)These are not gaps but core design choices. The Chiemgauer is a Euro wrapper by architecture — 100% Euro-backed, hard-pegged 1:1, dependent on German banking rails, and operated through centralized proprietary infrastructure with no open-source code or blockchain component. These scores cannot improve without a fundamental redesign of the project.

Notable strength: Inclusivity design (3.2)The demurrage mechanism is one of the strongest anti-wealth-concentration tools in any monetary system, and the 3%-to-nonprofits donation structure distributes economic benefits broadly and democratically. The cooperative governance model reinforces egalitarian principles. This is where Chiemgauer most directly embodies M69 values.

Key tension: Community success vs. scalabilityChiemgauer demonstrates that a Gesell-inspired demurrage currency can work for 20+ years at regional scale, but the founder himself acknowledges growth has saturated. Legal barriers (no tax payment, no wage payment in Chiemgauer) and the inherent regional-restriction design create hard ceilings that the project cannot overcome within its current framework.

Notable gap: Zero technological sovereigntyNo open-source code, no self-hosting capability, no cryptographic enforcement of monetary rules, no privacy protections, no API for programmatic access. The system is a traditional centralized database operated by a cooperative, not a protocol. This is the single largest divergence from M69's vision of technology as guardian of monetary rules.

Big takeawayChiemgauer is a philosophically aligned but architecturally incompatible project relative to M69. It proves that debt-free issuance, demurrage, and community governance can sustain a monetary system for decades — but its Euro dependency, centralized infrastructure, and regional restriction make it a demonstration of complementary currency values rather than a building block for the fiat-independent, globally sovereign monetary future M69 envisions. The M69 movement should study its lessons (especially on demurrage and community governance) while building on fundamentally different infrastructure.

Detailed Rating Breakdown

Framework v0.2-alpha · Rated 2026-04-12

Chiemgauer is a German regional complementary currency founded in 2003 by Christian Gelleri as a Waldorf school project in Prien am Chiemsee, Bavaria. It operates as a Euro-pegged voucher system with a 1:1 exchange rate, employing Silvio Gesell-inspired demurrage (2% quarterly on paper notes, 6% annually on digital balances) to encourage rapid circulation. When businesses convert Chiemgauer back to Euros, a 5% fee applies, of which 3% flows to local nonprofits chosen by consumers. The currency is managed by two entities: Chiemgauer e.V. (a nonprofit association handling education and advocacy) and REGIOS eG (a social cooperative managing payment processing and digital infrastructure). As of 2025, it has approximately 4,207 active users, 347 member businesses, and roughly 1.3 million Chiemgauer in circulation, with annual turnover around 7 million Euros. From an M69 alignment perspective, Chiemgauer embodies several core values of the Money2069 Manifesto — particularly its debt-free issuance model, demurrage-based anti-hoarding mechanism, broad benefit distribution through the nonprofit donation structure, and democratic cooperative governance. Its 22+ year operational track record is exceptional among complementary currencies. However, the project's fundamental architecture as a Euro-pegged, regionally restricted, centrally operated system creates deep structural tensions with M69's vision of fiat independence, global sovereignty, and censorship resistance. The currency is entirely dependent on the Euro for its unit of account and reserves, operates through centralized proprietary infrastructure with no open-source code or blockchain component, requires membership and identity verification, and cannot function without the German banking system. These are not gaps that incremental improvement can address — they are core design choices that place Chiemgauer in a different philosophical tradition from M69's crypto-native, sovereignty-maximizing vision.

Issuance Model3x

3.0

Code	Question	Score
IM-01	Is issuance permissionless?Issuance is restricted to the Chiemgauer e.V. and REGIOS eG cooperative. Users cannot mint Chiemgauer; they must purchase them from authorized exchange points (19 outlets) by depositing Euros. The issuing authority is a single nonprofit association with a defined board. [1][2]	1
IM-02	Is new supply created through debt?New Chiemgauer are created when users exchange Euros at 1:1 parity — this is a purchase/exchange model, not a lending model. No debt is involved in issuance. The Euros received are held as reserves. The system also operates a separate microcredit program (since 2010, loans of 1,000-25,000 EUR at 9% interest), but this is ancillary and not the primary issuance mechanism. [1][2]	4
IM-03	Is issuance tied to measurable real-world economic activity?Issuance is indirectly tied to local economic activity — new Chiemgauer are created only when someone deposits Euros, which represents a real intention to participate in local commerce. The demurrage mechanism further contracts idle supply. However, there is no algorithmic link to a real-economy index; supply depends entirely on voluntary Euro deposits. [1][2]	2
IM-04	Does the issuance model have a supply cap or hard ceiling?Supply is elastic with no hard cap — it expands when users deposit Euros and contracts through demurrage (6% annual decay) and the 5% conversion fee when businesses redeem to Euros. This creates natural expansion and contraction tied to participation, though the mechanism is not algorithmic but rather driven by user behavior. [1][2]	4
IM-05	Can supply contract (burn/redemption) as well as expand?Yes, supply contracts through two mechanisms: (1) demurrage erodes unspent balances at 6% annually, and (2) businesses can redeem Chiemgauer for Euros at a 5% fee, effectively burning the Chiemgauer. Both mechanisms are ongoing and functional. Contraction is user-initiated (redemption) and automatic (demurrage), providing genuine two-way elasticity. The velocity data (2.4-3.2x Euro velocity) confirms active circulation and contraction pressure. [1][2]	4

Spending Power Stability2x

2.3

Code	Question	Score
SPS-01	What mechanism does the protocol use to target spending power stability?2× The Chiemgauer uses a fixed 1:1 Euro peg as its stability mechanism — each Chiemgauer is backed by one Euro in reserve. Stability is maintained through full reserve backing and the ability to redeem (at a 5% fee). Demurrage acts as a supply-contracting mechanism that prevents hoarding but does not target purchasing power per se. The peg is passive (maintained by reserves), not algorithmic. [1][2]	2
SPS-02	What benchmark is used to measure spending power?2× The benchmark is the Euro — a single fiat currency. The 1:1 peg means Chiemgauer inherits the Euro's inflation rate (~2-3% annual in recent years, spiking to 8.7% in Germany in 2022). No independent purchasing power benchmark exists. While the Euro is relatively stable among fiat currencies, it still delivers meaningful inflation over time. [1][2]	2
SPS-03	How transparent and verifiable is the stability measurement?1× The stability mechanism (Euro peg via reserves) is simple and conceptually transparent — one Euro backs one Chiemgauer. However, reserve auditing is not public or on-chain. Users must trust the REGIOS cooperative to maintain full reserves. No independent audit reports are publicly available. The methodology is straightforward but verification depends on trust in the operator. [1][2]	2
SPS-04	What is the protocol's historical deviation from its stability target?2× The 1:1 Euro peg has been maintained for 22+ years without any reported depegging events. The full-reserve model and redemption mechanism ensure the peg holds. This is an exceptional track record for any monetary system. However, this measures peg stability, not purchasing power stability — the Euro itself has lost significant purchasing power over this period. [1][2]	4
SPS-05	Does the protocol distinguish between short-term volatility and long-term purchasing power drift?1.5× The Euro peg provides short-term price stability (no volatility relative to Euro). However, the protocol makes no distinction between short-term and long-term purchasing power. It inherits the Euro's long-term inflation without any countermeasure. Demurrage actually accelerates purchasing power loss for holders (6% demurrage + Euro inflation). There is no mechanism to address long-term drift. [1][2]	1
SPS-06	Is the stability mechanism accessible globally?1× The stability mechanism is restricted to the Chiemgau region of Bavaria — specifically the districts of Rosenheim, Traunstein, and Berchtesgadener Land. Users must be within approximately 50km of Prien and interact with local exchange points. The currency is regionally restricted by design. [1][2]	2

Fiat Independence & Interoperability2x

1.2

Code	Question	Score
FI-01	What is the protocol's unit of account?2× The Chiemgauer is hard-pegged 1:1 to the Euro. All prices are denominated in Chiemgauer at Euro parity. The unit of account is fully borrowed from the Euro — 1 CH = 1 EUR by definition. There is no sovereign unit of account. [1][2]	1
FI-02	What is the fiat composition of the protocol's collateral or reserves?2× 100% Euro reserves. Every Chiemgauer in circulation is backed by one Euro held in bank accounts. The system is a full-reserve Euro wrapper. There are no non-fiat assets in reserves. [1][2]	1
FI-03	Does the protocol depend on fiat banking infrastructure to function?1× Entirely dependent on Euro banking. The Regiocard system is linked to users' bank checking accounts. Exchange points operate through cooperative and local banks. The eChiemgauer was established through cooperation with cooperative and local banks in 2006. The REGIOS data center processes transactions through banking rails. Without the German banking system, Chiemgauer cannot function. [1][2]	1
FI-04	Are the protocol's price feeds and oracles fiat-denominated?1× The system does not use oracles or price feeds in the crypto sense. However, the entire valuation framework is Euro-denominated. The 1:1 peg means all value is expressed in Euro terms. There is no independent price discovery mechanism. [1]	1
FI-05	What happens to the protocol if the primary fiat currency it references collapses or depegs?1× If the Euro collapses, the Chiemgauer collapses with it — it is a 100% Euro-backed instrument with a hard 1:1 peg. There is no recovery mechanism, diversification, or independence from Euro systemic risk. The system would inherit any Euro crisis directly. [1][2]	1
FI-06	Does the project have a credible transition path from fiat-dominated adoption to fiat-independent operation?1× No transition path exists or is contemplated. The Chiemgauer is explicitly designed as a complementary currency operating alongside and dependent on the Euro. Christian Gelleri positions it as complementary to, not competitive with, the Euro. Fiat independence is not a goal of the project. [1][2]	1
FI-07	Can local or sectoral currencies be denominated in or settle against this currency?2× The Chiemgauer itself is a local currency, not a base layer for other currencies. The REGIOS cooperative has developed software that could theoretically support other regional currencies (and some other Regiogeld projects have used similar infrastructure), but there is no formal standard for composability. The Chiemgauer does not serve as a settlement layer for other monetary systems. [1][2]	2
FI-08	Does the protocol define open standards for interoperability with other monetary systems?1.5× No open standards for interoperability exist. The Chiemgauer operates as a closed regional system. While it is part of the broader German Regiogeld movement (approximately 30 regional currencies), there is no formal interoperability protocol between them. Cross-regional settlement or exchange is not supported. [1][2]	1

Traction2x

3.4

Code	Question	Score
TR-01	Is the project still active?2× The Chiemgauer is fully active and operational as of 2025. The website is maintained, exchange points are open, the Regiocard system processes transactions, and the organization holds regular office hours. However, the founder has acknowledged that turnover is saturated and growth has stalled, placing it closer to maintenance mode than active growth. [1][2]	4
TR-02	How long has the project been in existence?1× Founded in 2003, the Chiemgauer has been in continuous operation for 22+ years. This is an exceptional track record for any complementary currency and one of the longest-running demurrage currencies since 1900. [1][2]	5
TR-03	How many active users does the project have?2× The Chiemgauer website reports 4,207 active users as of 2025. Wikipedia cites approximately 500,000 users within 50km, but this likely conflates the total population in the area with actual users. The verified figure from the official website is 4,207 — placing it in the 1K-10K range. [1][2]	2
TR-04	How many businesses or organizations accept the project's currency?2× The Chiemgauer website reports 347 member businesses as of 2025. Historical data shows peaks of 500-600 businesses around 2015. This places current acceptance in the 100-1,000 range within a defined community network. [1][2]	3
TR-05	Is the currency used as a unit of account?3× Within the Chiemgauer network, prices are denominated in Chiemgauer at 1:1 Euro parity. Participating businesses display Chiemgauer prices (which equal Euro prices). This represents genuine unit-of-account usage within a defined community, though the unit is identical to the Euro numerically. External pricing in Euro dominates. [1][2]	4
TR-06	Is the founder or core team still actively working on the project?1× Christian Gelleri, the founder, remains 1st Chairman of Chiemgauer e.V. and CEO of REGIOS eG as of 2025. He continues to publish academic research (2021 IJCCR paper) and maintains active leadership. However, the team appears small. [1][2]	4
TR-07	What partner organizations or institutions support or integrate the project?1× The Chiemgauer has 294 participating nonprofits and operates through 19 exchange outlets including cooperative banks. Academic partnerships include the University of Wurzburg's ForDemocracy project and CEPR. However, these are mostly regional and within the complementary currency community. [1][2]	3
TR-08	Is the project covered or recognized by credible external sources?1× Extensively covered in academic research: multiple IJCCR publications, SSRN papers, ResearchGate profiles, and cited in policy discussions (ForDemocracy project at Bavarian universities). Featured in Resilience.org, covered by independent analysts. One of the most-studied complementary currencies globally. [1][2][3]	5
TR-09	Is adoption organic — not dependent on subsidies, incentives, or mandates?1× Adoption is primarily organic — users participate voluntarily for ideological reasons (support local economy, Gesell-inspired economics) and practical benefits (nonprofit donations). The 3% nonprofit donation creates a mild incentive but is not a subsidy to users. No token emissions or financial incentives drive adoption. However, the demurrage effectively penalizes holding, which could be viewed as a structural push factor. [1][2]	4
TR-10	What is the growth trend over the past 12 months?1× Growth has stalled. The founder himself acknowledged in 2025 that "the turnover rate is saturated." Business counts have declined from peaks of 500-600 to 347. User counts appear stable around 4,000-4,500. Annual turnover remains around 7 million EUR. The system is stable but not growing. [1][2]	3
TR-11	Does the project have a coherent narrative and cultural identity that drives long-term commitment?1.5× Strong founding narrative rooted in Silvio Gesell's economic philosophy, Waldorf education values, and the German Regiogeld movement. The project emerged from a school project and grew into a regional institution with a clear mission of local economic sovereignty, sustainability, and community solidarity. Cultural artifacts include the Chiemgauer notes themselves (regional imagery), the nonprofit donation mechanism, and the cooperative governance structure. Community identifies with the mission beyond financial incentives. [1][2][3]	4

Sovereignty

1.4

Code	Question	Score
SO-01	Can any single entity shut down the project?2× The German financial regulator (BaFin) could shut down the project by revoking its operating permission. The Chiemgauer operates under German law as a voucher/complementary currency, which requires compliance with specific regulations. Additionally, if the cooperative banks that support the Regiocard system withdrew their cooperation, digital operations would halt. Christian Gelleri as founder/CEO also represents a concentration risk. [1][2]	2
SO-02	Is the project's core infrastructure permissionless and self-hostable?1× The infrastructure is fully proprietary. The REGIOS data center processes all transactions through closed-source software. There is no open-source code, no public repository, no ability for anyone to self-host the system. The Regiocard system depends on proprietary card readers and centralized processing. [1][2]	1
SO-03	Is the project subject to the jurisdiction of a single nation-state?1× Fully subject to German jurisdiction. The Chiemgauer e.V. is registered in Traunstein, Bavaria. REGIOS eG is registered in Rosenheim, Bavaria. All operations occur within Germany under German law. The currency cannot legally operate outside Germany's regulatory framework. German law already constrains the project (businesses cannot pay taxes in Chiemgauer; employees cannot be paid in Chiemgauer). [1][2]	1
SO-04	Does the project control or custody user funds?2× The system is primarily custodial. For digital Chiemgauer (two-thirds of turnover), REGIOS eG holds all balances in its centralized database. Users cannot self-custody digital Chiemgauer. Physical notes can be held by users (self-custody of paper), but paper represents only one-third of turnover and requires physical possession. Euro reserves backing the Chiemgauer are held in bank accounts controlled by the organization. [1][2]	2
SO-05	Is the project resilient to key-person risk?1× Heavily dependent on Christian Gelleri, who has been the project's founder, 1st Chairman of the association, and CEO of the cooperative since inception in 2003. He holds critical knowledge of both the ideological framework and operational infrastructure. Petra Reszat serves as 2nd Chairwoman, but no evidence of a broader succession plan or distributed leadership beyond these two. [1][2]	2
SO-06	Does the project depend on any third-party service that could be revoked?1× Critical dependencies on: (1) cooperative and local banks for Regiocard processing and account linkage, (2) the German banking system for Euro reserve holding, (3) card terminal infrastructure for point-of-sale payments. Any of these could be revoked. Banks are the most critical — the eChiemgauer was established specifically through bank cooperation. [1][2]	1
SO-07	Can the project be censored — can specific users or transactions be blocked?1.5× The centralized REGIOS database gives the operator full capability to freeze accounts, block transactions, or remove users. Membership can be revoked by the association. While there is no evidence this capability has been used for censorship, the technical capability exists and there are no structural protections against it. [1][2]	2
SO-08	Does the protocol protect transaction privacy as a monetary right?1.5× No privacy protections. The REGIOS system maintains a complete record of all digital transactions. Physical Chiemgauer notes provide some anonymity (like cash), but the digital system (two-thirds of volume) tracks every transaction, payer, and payee. The operator has full surveillance capability over digital transactions. German data protection law (GDPR) applies but this is regulatory, not protocol-level privacy. [1][2]	1
SO-09	Does the technology enforce the project's monetary rules such that governance cannot silently override them?2× No technological enforcement of monetary rules. The demurrage rate, exchange fees, issuance rules, and all other parameters are controlled by the Chiemgauer e.V. board and REGIOS management. Changes can be made through the democratic assembly process but there are no smart contracts, immutable code, or cryptographic constraints. The rules are policy documents changeable at operator discretion. [1][2]	1

Governance

2.4

Code	Question	Score
GO-01	How are decisions about the project made?2× Decisions are made through the democratic assembly process of the Chiemgauer e.V. association. Board members face election every two years. Members paying annual fees have voting rights. Rules for distribution, circulation, demurrage rate, and usage can be changed through this assembly. However, the process is not fully documented publicly and operational decisions at REGIOS eG (the cooperative) follow a separate corporate governance structure. [1][2]	3
GO-02	Who has voting or decision-making power, and how is that power distributed?1× All members of the Chiemgauer e.V. who pay annual fees have voting rights. This is a cooperative democratic model (one member, one vote). However, the active membership is approximately 4,207 users, and it is unclear what proportion are voting members of the association versus merely currency users. The board is small (2 named members). REGIOS eG has its own cooperative governance. [1][2]	3
GO-03	Is the governance process — and the monetary mechanism itself — transparent and publicly auditable?2× Governance outcomes and basic rules are published on the website. The monetary mechanism is conceptually simple and understandable. However, there is no on-chain record, no public archive of governance decisions, no immutable record of assembly votes, and no independent audit of reserves or operations. Financial details of REGIOS eG (as a cooperative) would be subject to German cooperative law reporting, but these are not easily accessible to the public. [1][2]	2
GO-04	Can governance be captured by a small group or hostile actor?1.5× The cooperative/association model with one-member-one-vote provides some capture resistance. However, with a small active membership base (~4,000 users), a coordinated group could potentially dominate assembly votes. The dual structure (e.V. + eG) concentrates operational control in the cooperative, which has its own governance separate from the democratic assembly. Christian Gelleri holding leadership of both entities creates concentration. [1][2]	2
GO-05	How are upgrades and changes to the protocol or project proposed and executed?1× Changes to currency rules are proposed through the democratic assembly of Chiemgauer e.V. Historical evidence shows the demurrage rate has been changed (from the original 2% quarterly/8% annual to the current 3% semi-annual/6% annual), demonstrating the assembly process works. However, the process is not formally documented with timelines, proposal formats, or public discussion periods. [1][2]	3
GO-06	Is there a separation between governance over monetary policy and governance over operational decisions?1× There is a structural separation between the association (Chiemgauer e.V., handles ideology, education, and monetary policy) and the cooperative (REGIOS eG, handles operations and payment processing). This dual structure provides some separation. However, Christian Gelleri leads both entities, and it is unclear how strictly the separation is enforced in practice. [1][2]	3
GO-07	Does the project have a constitution, charter, or set of immutable principles?1.5× The Chiemgauer e.V. has stated principles rooted in Silvio Gesell's economic philosophy, sustainable regional development, and the Regiogeld movement's values. These are articulated in published writings and the association's statutes. However, these principles are not immutable — they can be changed through the democratic assembly process. There are no on-chain or formally protected constitutional principles. [1][2]	3
GO-08	Can the project's issuance rules be changed, and are monetary policy changes subject to stronger constraints than operational changes?2× Issuance rules can be changed through the democratic assembly of the Chiemgauer e.V. The demurrage rate has been changed historically (from 8% to 6% annual). There is no evidence that monetary policy changes require stronger constraints than operational changes — both go through the same assembly process. No supermajority requirements, time-locks, or special protections for monetary parameters have been documented. [1][2]	2

Resilience

2.6

Code	Question	Score
RE-01	Has the project survived a major crisis or adversarial event?2× The Chiemgauer has operated through the 2008 global financial crisis, the 2010-2012 Eurozone sovereign debt crisis, and the 2020-2021 COVID-19 pandemic — continuing operations through all of them. The IJCCR 2021 econometric research specifically found that complementary currencies like the Chiemgauer have a countercyclical effect at the local level in times of crisis. While none of these crises directly targeted the Chiemgauer, sustained operation through 22 years of economic turbulence including multiple severe recessions demonstrates meaningful resilience. [1][2]	3
RE-02	Does the project have redundancy in its critical infrastructure?1× Minimal redundancy. The REGIOS data center is a single point of failure for digital transactions. Physical notes provide some redundancy (if digital fails, paper can still circulate), but paper is only one-third of volume. There is no documented backup data center, no distributed infrastructure, and no public disaster recovery plan. The 19 exchange points provide some geographic distribution. [1][2]	2
RE-03	Can the project recover from a catastrophic failure?1× The concept is simple enough to rebuild (Euro-backed voucher with demurrage), and the physical note design could be recreated. However, digital account balances, transaction history, and member databases are held in the proprietary REGIOS system with no public backup. Recovery from a total data loss would lose all digital balances. The open intellectual framework (Gesell-inspired, well-documented in academic literature) means the concept could be replicated even if the specific implementation were lost. [1][2]	3
RE-04	Is the project's design simple enough to be maintained and understood long-term?1× The core design is elegantly simple: buy Chiemgauer with Euros at 1:1, spend them locally, demurrage encourages circulation, 5% fee on reconversion funds nonprofits. A new person can understand the basic mechanism in minutes. The operational complexity (card processing, bank integration, digital accounts) adds layers but the monetary concept is minimal and well-documented in academic literature. [1][2]	4
RE-05	Is the project dependent on a specific technology that could become obsolete?1× The core concept (paper vouchers with demurrage stamps) is technology-agnostic and has worked since 2003. The digital version depends on proprietary card-reader infrastructure and a centralized database, which could become obsolete. However, the underlying concept can be re-implemented on any payment platform. The Regiocard/PIN system is a standard debit-card-like technology. The key risk is that the specific REGIOS software is proprietary and undocumented. [1][2]	3
RE-06	How does the project handle economic stress (bank runs, liquidity crises, collateral crashes, inflation/deflation shocks)?2× The full-reserve model (1 EUR per 1 CH) means there is no collateral crash risk in the traditional sense — the system holds 100% reserves. The demurrage mechanism discourages runs by penalizing holding. However, the 5% reconversion fee creates a friction barrier, not a true bank-run prevention mechanism. In a genuine trust crisis, users could still rush to reconvert. The IJCCR research found countercyclical effects during crises, suggesting some macro-stress resilience. The Euro peg means Euro-zone inflation transmits directly. [1][2]	3
RE-07	Does the project have sustainable funding for long-term maintenance?1.5× Funding comes from: (1) 2% of the 5% reconversion fee goes to system operations, (2) business registration fees and monthly charges, (3) demurrage income from expired/unrenewed notes, and (4) membership fees. With ~7 million EUR annual turnover and multiple fee streams, the system appears self-sustaining at its current scale. It has sustained itself for 22 years without external fundraising or token sales. However, the fee income depends on maintaining circulation volume. [1][2]	4
RE-08	Can the system operate across extreme latency, disconnected networks, and multi-century timescales?1× Physical Chiemgauer notes can function in disconnected environments (like cash). However, the digital system requires real-time connectivity to the REGIOS data center. The system was not designed for multi-planetary or extreme-latency scenarios. The concept is simple enough to survive centuries (Gesell's ideas are over 100 years old and still viable), but the specific implementation is tied to current-era infrastructure. [1][2]	2
RE-09	Is the system designed for a world where AI agents are primary economic actors?1× The system was designed for human participants in a physical community. The Regiocard requires human interaction (card swipe, PIN entry, signature). Membership requires human registration. There is no API, no smart contract interface, no programmatic access for AI agents. The system fundamentally assumes human participants in face-to-face transactions. [1][2]	1

Inclusivity

3.2

Code	Question	Score
IN-01	Can anyone in the world participate regardless of nationality, wealth, or status?2× Participation is restricted to the Chiemgau region of Bavaria, Germany. Users must be within approximately 50km of Prien, must register as members, and must interact with physical exchange points or local banks. Non-German residents in the region can participate, but the geographic restriction is fundamental to the design. No minimum balance is required to start. [1][2]	2
IN-02	What is the minimum cost to start using the project?1× Low cost to start. Users exchange Euros for Chiemgauer at 1:1 with no markup on entry (the 5% fee applies only on exit). Annual membership fees exist but are modest. The Regiocard itself may have a nominal cost. Transaction fees within the system appear negligible. The primary cost is the demurrage (6% annual) and the 5% exit fee if converting back. [1][2]	4
IN-03	Does the project actively serve underbanked or financially excluded populations?1× The Chiemgauer was designed to strengthen regional economics and support community solidarity, not specifically to serve the underbanked. The system requires a bank account (for Regiocard) or access to exchange points. In the Chiemgau region of Bavaria (a relatively prosperous area of Germany), financial exclusion is not a primary concern. Physical notes can serve those without bank accounts, but the system was not designed with this use case in mind. [1][2]	2
IN-04	Does the project distribute economic benefits — including seigniorage — broadly, or concentrate them among insiders?1.5× The benefit distribution model is notably egalitarian. The 3% nonprofit donation (from the 5% reconversion fee) flows to 294 nonprofits chosen by consumers themselves. This is a broad, democratic distribution of economic benefits. The remaining 2% covers operational costs. There are no insider token allocations, no VC-preferential terms, and no extractive yield mechanisms. The cooperative structure (REGIOS eG) distributes ownership among members. Demurrage revenue goes to system maintenance. This is one of the most broadly distributed benefit models among monetary systems. [1][2]	4
IN-05	Does the project treat all participants equally under the same rules?2× All participants — consumers and businesses alike — operate under the same demurrage rules and exchange rates. There are no tiered access levels, no preferential rates for larger holders, no whale advantages. The one-member-one-vote governance structure reinforces equality. The 5% reconversion fee applies uniformly to all businesses. Some differentiation exists between consumers (who pay demurrage) and businesses (who pay the reconversion fee), but this reflects their different roles, not unequal treatment. [1][2]	4
IN-06	Does the project require identity documentation or surveillance to participate?1.5× Membership registration is required for the Regiocard (digital), which involves personal identification and linkage to a bank account. Physical Chiemgauer notes can be obtained and used more anonymously at exchange points, though even there some registration may be expected. The REGIOS system collects transaction data for all digital transactions. The level of identity requirement is moderate — not full government KYC but more than pseudonymous. [1][2]	2
IN-07	Does the project have mechanisms to prevent wealth concentration over time?1× The demurrage mechanism (6% annual) is an explicit anti-concentration tool — it penalizes hoarding and incentivizes circulation. This is one of the strongest anti-concentration mechanisms in any monetary system, directly inspired by Silvio Gesell's free money theory. Large holders lose more in absolute terms, creating a natural redistributive pressure. Combined with the nonprofit donation mechanism and cooperative governance, this is a well-designed anti-concentration architecture. [1][2]	5

Frequently Asked Questions

What is Chiemgauer and what problem does it solve?

How is money created in Chiemgauer?

Issuance is restricted to the Chiemgauer e.V. and REGIOS eG cooperative. Users cannot mint Chiemgauer; they must purchase them from authorized exchange points (19 outlets) by depositing Euros.

How does Chiemgauer maintain stable spending power?

2× The Chiemgauer uses a fixed 1:1 Euro peg as its stability mechanism — each Chiemgauer is backed by one Euro in reserve. Stability is maintained through full reserve backing and the ability to redeem (at a 5% fee). Demurrage acts as a supply-contracting mechanism that prevents hoarding but does not target purchasing power per se.

Is Chiemgauer independent from fiat currencies?

2× The Chiemgauer is hard-pegged 1:1 to the Euro. All prices are denominated in Chiemgauer at Euro parity. The unit of account is fully borrowed from the Euro — 1 CH = 1 EUR by definition.

Who controls Chiemgauer and can it be shut down?

2× The German financial regulator (BaFin) could shut down the project by revoking its operating permission. The Chiemgauer operates under German law as a voucher/complementary currency, which requires compliance with specific regulations. Additionally, if the cooperative banks that support the Regiocard system withdrew their cooperation, digital operations would halt.

How widely adopted is Chiemgauer today?

2× The Chiemgauer website reports 4,207 active users as of 2025. Wikipedia cites approximately 500,000 users within 50km, but this likely conflates the total population in the area with actual users. The verified figure from the official website is 4,207 — placing it in the 1K-10K range.

Is Chiemgauer still active and growing?

2× The Chiemgauer is fully active and operational as of 2025. The website is maintained, exchange points are open, the Regiocard system processes transactions, and the organization holds regular office hours. However, the founder has acknowledged that turnover is saturated and growth has stalled, placing it closer to maintenance mode than active growth.

What are the main risks or weaknesses of Chiemgauer?

Weakest categories: Fiat Independence (1.2) and Sovereignty (1.4): These are not gaps but core design choices. The Chiemgauer is a Euro wrapper by architecture — 100% Euro-backed, hard-pegged 1:1, dependent on German banking rails, and operated through centralized proprietary infrastructure with no open-source code or blockchain component. These scores cannot improve without a fundamental redesign of the project.

What makes Chiemgauer unique from an M69 perspective?

Strongest category: Traction (3.4): Chiemgauer's 22-year operational track record, active community of 4,200+ users and 347 businesses, extensive academic recognition, and strong cultural identity rooted in Gesell's economics give it the highest traction score among regional currencies. The sheer longevity is exceptional — few alternative monetary experiments survive a decade, let alone two.

How is Chiemgauer's M69 Score calculated?

Chiemgauer scores 2.5/5.0 overall. Pillar scores: Monetary Sovereignty 2.3, Civilizational Durability 2.1, Universal Adoption 3.3. Strongest: Traction (3.4). Weakest: Fiat Independence (1.2).