Grama (Santa Coloma de Gramenet)
Digital local currency of Santa Coloma de Gramenet (Barcelona metro, ~120K residents), run by the city council since 2017. Euro-convertible at par with a circulation lock: units entering via municipal subsidies must circulate locally for at least 45 days before businesses can redeem them to euros. 400+ businesses, cooperatives and associations in the network; the city pays parts of public spending, social aid and youth bonuses (Bono Grama Joven — 2026 campaign live with a July 31 application deadline) in gramas. Official app/site gramamoneda.cat + city program site gramenet.cat; independent corroboration via XES/economiasolidaria.org.
Santa Coloma de Gramenet's municipal digital currency since 2017: euro-backed at par, a 45-day local-circulation lock on subsidy money, 400+ businesses, and the city itself spending public money in gramas — including a live 2026 youth-bonus campaign. A serious, durable municipal-money experiment with real velocity engineering; scored down for euro dependence and single-issuer municipal control.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
Debt-free and fully backed — gramas enter via euro conversion and municipal payments (IM-02 5) — but the city is a single discretionary issuer (IM-01 1); par redemption after the 45-day lock gives real two-way elasticity (IM-05 4).
Spending Power Stability2x3.0
Euro peg via full reserve has held since 2017 (SPS-04 5), but the benchmark is the euro with its inflation (SPS-02 2) and the mechanism stops at the city limits (SPS-06 1).
Fiat Independence & Interoperability2x1.0
Structurally euro-defined: euro unit of account, euro reserves, bank rails. The local-multiplier effect is the design goal; monetary independence is not.
Traction2x3.0
Nine years running with 400+ accepting businesses (TR-04 3) and live 2026 campaigns (TR-01 5); usage is substantially subsidy-propelled (TR-09 2) and the euro remains the unit of account (TR-05 2).
Sovereignty2.0
A city-council program on a proprietary custodial app: the municipality can end, freeze or filter it at will (SO-01 1); wallets are ID-linked.
Governance2.0
Legitimacy is municipal-democratic (council decisions, published rules) rather than participatory; nothing separates monetary rules from ordinary administration (GO-06/08 low).
Resilience3.0
Survived multiple political terms and served as the city's COVID-aid rail (RE-01 4); funding is the recurring municipal budget (RE-07 3); single-platform dependency is the weak point (RE-02 2).
Inclusivity3.0
Social aid to vulnerable residents is distributed in gramas and joining is free for residents (IN-03 5, IN-02 4), but the system is resident-only, ID-gated (IN-06 2) and benefits stop at the municipal border (IN-01 2).