L'Orno
The Orno is the local currency of Gembloux and Sombreffe, in Belgium's Namur province, launched in 2018. One orno equals one euro. A volunteer association issues it as paper notes, with an electronic version added in 2022 through the Orno app. Around fifty local businesses accept it, with exchange counters in both towns.
Territorial euro-parity citizen currency for Gembloux-Sombreffe: debt-free full-reserve issuance and real merchant acceptance, but the euro peg means no monetary sovereignty.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x4.0
Full-reserve voucher: ornos exist only against euros exchanged at counters, so issuance is debt-free and supply contracts on reconversion. Issuance is restricted to the ASBL, and supply tracks local demand, not any economic index.
Spending Power Stability2x3.0
Pegged 1:1 to the euro, so it inherits euro inflation wholesale. The peg is operationally solid through reserve backing, but no mechanism targets purchasing power beyond the fiat reference.
Fiat Independence & Interoperability2x1.0
Unit of account is the euro and reserves are 100% euro deposits. No transition path away from fiat; a euro failure is a full transmission channel. Territorial euro-parity class ruling (run 126) applied.
Traction2x3.0
Live since 2018, ~45-50 accepting businesses across two communes, e-orno app since October 2022, City of Gembloux among acceptors. Dated 2025-26 activity on the official site (Aug 2025 donut-economy event, 2025-26 bimonthly board schedule). Small user base and euro-quoted pricing cap it.
Sovereignty2.0
Association-run within a single Belgian jurisdiction; the ASBL can halt the system, and the e-orno runs on operator-controlled rails. Paper notes give holders some custody.
Governance3.0
ASBL with founding members and a public bimonthly administration meeting rhythm; formal but small and volunteer-run, with municipal partners involved. No structural separation of monetary rules.
Resilience3.0
Eight years of operation including the Covid period, when the 19Orno municipal voucher ran through it. Volunteer capacity and thin funding are the main fragilities; paper plus app gives some redundancy.
Inclusivity3.0
Open to any resident at 1:1 with no fee to users and low entry cost. Territorial by design, so participation is bounded by geography; no identity requirement for paper use.