Ekhilur
Nonprofit citizen cooperative in Hernani (Gipuzkoa, Basque Country) running a Bank-of-Spain-regulated local payment network. Members convert euros into Ekhi and spend them at local businesses, with purchase bonuses (up to €100/month under the 2026 municipal program) keeping money circulating locally. Around 1,580 active accounts and 100+ businesses processed roughly €3M in 2024; the cooperative is one-member-one-vote and plans expansion across Gipuzkoa plus interest-free microloans.
Basque cooperative payment network circulating euro-backed local money in Hernani with municipal backing — a genuine, democratically governed local-circulation experiment, but fully fiat-denominated, custodial, subsidy-dependent and geographically bounded.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x2.0
Ekhi units are created only by converting euros 1:1 through a Bank-of-Spain-regulated payment system — debt-free and redeemable both ways, but issuance mirrors fiat deposits rather than any independent or real-economy-linked rule, and participation is restricted to Hernani residents and businesses.
Spending Power Stability2x3.0
Pegged 1:1 to the euro and fully backed, so it holds its reference by construction; it inherits euro inflation and long-term purchasing power is not addressed.
Fiat Independence & Interoperability2x1.0
Denominated in euros, backed by euros, and running on regulated payment/banking rails; no independence from fiat at any layer.
Traction2x3.0
~1,580 active accounts (~18% of Hernani), 100+ local businesses, ~€3M processed in 2024, an active 2026 municipal bonification program and planned Gipuzkoa expansion; growth has plateaued per local political debate.
Sovereignty2.0
A custodial, single-jurisdiction, regulator-licensed cooperative that authorities could shut down; democratic one-member-one-vote ownership is the main mitigating factor.
Governance3.0
One-member-one-vote nonprofit cooperative with a formal assembly and public municipal conventions — genuinely democratic and capture-resistant, but deliberation is offline and monetary parameters have no special protection.
Resilience2.0
Operating since 2021 and municipally supported, but dependent on subsidies (the ~€55k 2026 maintenance cost is politically contested), with a single proprietary platform and no self-sufficiency plan yet.
Inclusivity3.0
Near-zero cost, identical rules for all members, and benefits flowing to members and local associations; but participation is geographically restricted by design and requires identified accounts under payment regulation.