Question 9555 — means of payment

Summary

Law No. 2014-856 of July 31, 2014, relating to the social and solidarity economy, favored the emergence of complementary local currency securities (TMLC), by recognizing their status, while subjecting their issuers to the rules applicable to credit institutions or payment institutions and electronic money institutions. Although the term local currency is commonly used, it is not, in fact, a currency in the legal and literal sense of the term but a payment instrument (in the same way as universal service employment checks or those issued by the National Agency for holiday vouchers, for example). Also, the direct use of a local currency to pay for public expenditure is not permitted by regulation. However, a community can, with the agreement of its creditors (users, associations, etc.), have recourse to the civil mandate system, to offer this service in expenses. This system is, moreover, popular with a certain number of communities, in that it allows, in particular, to avoid having to resort to a manager. Its operation is, in fact, simple: to receive payments in TMLC, users must first authorize the association managing TMLC (to which they have joined), to receive the funds in their name. Once this agreement is formalized, the public accountant pays the funds to the association, which is then responsible for remitting them to its users.

Machine translation from French. The official text remains authoritative.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

No documents linked.

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.