Community Exchange System (CES)

Mutual Credit / LETS Network

Global network of 1,100+ alternative exchange groups in 105 countries with 50,000+ members. Free, open-source mutual credit platform founded in Cape Town.

Type	Mutual Credit / LETS Network
Region	Global
Status	Active
Links	Website

M69 Score

M69 Alignment3.1

Partially aligned

1.02.03.04.05.0

Monetary Sovereignty3.2

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

Civilizational Durability2.2

Sovereignty + Governance + Resilience

Universal Adoption3.8

Traction (2x) + Inclusivity

Iss Mod3x

4.2

Stability2x

1.6

Fia Ind & Int2x

3.4

Traction2x

3.8

Sovereignty

1.8

Governance

2.3

Resilience

2.5

Inclusivity

3.9

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

Key Findings

Issuance Model is the strongest category (4.2/5.0)because mutual credit is one of the purest implementations of debt-free money: credit is created only through actual trade, contracts and expands symmetrically, requires zero reserves or collateral, and the connection to real economic activity is structural rather than aspirational. This directly embodies the M69 Manifesto's core monetary vision.

Traction is notably strong (3.8/5.0)due to CES's 23-year operational history, global presence in 100+ countries, 77,500+ registered users, purely organic adoption driven by genuine utility, and strong recent growth (9,769 new users and 157 new exchanges in 2025 alone, primarily in Ecuador). Few alternative monetary projects can match this combination of longevity and geographic reach.

Spending Power Stability is the weakest category (1.6/5.0)because CES has no mechanism for targeting or preserving purchasing power. Most exchanges denominate in national fiat currency units, importing fiat inflation entirely. While CES claims "no inflation" because supply matches trade, this conflates monetary supply stability with purchasing power stability.

Sovereignty is critically weak (1.8/5.0)because the platform is centrally controlled by CES International with proprietary code, fully custodial accounts, no cryptographic enforcement of monetary rules, and significant key-person risk around the 78-year-old founder. The CES 2.0 open-source rewrite may address some of these issues but is not yet deployed.

A key tension exists between CES's philosophical ambition and its technical realitythe project articulates a radical vision of money as information and community empowerment, but implements it through a traditional, centralized web application where administrators control the ledger and a single developer wrote all the code. The forthcoming CES 2.0 upgrade represents an opportunity to close this gap.

The big takeawayCES is the world's most enduring and geographically extensive alternative exchange network, with a genuinely debt-free issuance model and remarkable grassroots adoption. However, its centralized architecture, lack of spending power stability, proprietary technology, and concentration of control around a single founder mean it currently functions more as a well-intentioned web application than as sovereign monetary infrastructure. An investor or partner should view this as a project with proven community value and unmatched reach but requiring fundamental architectural upgrades -- now underway with CES 2.0 -- to become M69-aligned infrastructure.

Detailed Rating Breakdown

Framework v0.2-alpha · Rated 2026-04-10

The Community Exchange System (CES) is the world's largest network of alternative exchange systems, founded in 2003 in Cape Town, South Africa, by anti-apartheid activist Tim Jenkin and Don Northcott. Originally launched as the Cape Town Talent Exchange (CTTE), CES has grown over 23 years into a global platform hosting 1,150+ exchange groups across 100+ countries with approximately 77,500 registered users. CES operates as a mutual credit / LETS (Local Exchange Trading System) network where each local exchange maintains its own "currency" (a metric unit of measurement) and members trade goods and services by debiting buyers and crediting sellers on a shared ledger. The system was formally incorporated as Community Exchange Systems Ltd, a not-for-profit company under South African law, in 2008. From an M69 alignment perspective, CES demonstrates strong philosophical alignment with the Manifesto's vision of debt-free, community-controlled money. Its issuance model -- mutual credit created through trade rather than debt -- embodies the core M69 principle. The system's global network of local exchanges, each with its own unit of account and inter-trading capabilities via virtual intermediaries, directly mirrors Commandment 8's "Global Standard, Local Expression." CES has remarkable longevity (23 years), genuine grassroots adoption across diverse geographies, and a strong counter-cultural narrative about money as information rather than commodity. However, CES faces significant structural limitations from an M69 perspective: the platform is centrally hosted on a small number of servers controlled by CES International, most exchanges denominate their currencies in national fiat units (inheriting fiat inflation), there is no explicit spending power stability mechanism, governance is concentrated around the founder and a small board, the technology is aging (a major open-source rewrite to CES 2.0 is underway but not yet deployed), and the system is fully custodial with administrators controlling all account data. The project's 23-year track record and global reach are impressive, but operational activity appears concentrated in a fraction of registered exchanges, and the system has never been stress-tested by a major adversarial event targeting CES itself.

Issuance Model3x

4.2

Code	Question	Score
IM-01	Is issuance permissionless?Joining a CES exchange requires registration and approval by the local exchange administrator. Each exchange has its own rules and conditions of use. While anyone can request to join, acceptance is at the discretion of the local group. This is a semi-open, permissioned system with rule-based but not fully permissionless access. [1][2]	3
IM-02	Is new supply created through debt?CES operates on mutual credit principles: accounts start at zero, and trade creates equal and opposite credits and debits. No external debt is involved -- no loans, no collateral, no interest. A negative balance represents a commitment to provide goods/services to the community, not a debt instrument. The system explicitly describes money as "information about what has been given and received." This is fully debt-free issuance. [1][2]	5
IM-03	Is issuance tied to measurable real-world economic activity?Credits are created only when actual trade in goods or services occurs between members. The link to real economic activity is direct and inherent -- no credit exists without a corresponding transaction. However, the connection is to bilateral trade activity rather than a broader verifiable economic index or oracle. [1][2]	4
IM-04	Does the issuance model have a supply cap or hard ceiling?Supply is elastic within the network. Each exchange can set credit limits for members. Supply expands with trade and contracts when debits are settled. There is no hard cap, but circuit breakers exist via credit limits set by exchange administrators. The system has no cap on total issuance but is bounded by real trading activity. [1][2]	4
IM-05	Can supply contract (burn/redemption) as well as expand?Mutual credit inherently contracts when obligations are fulfilled. When a member with a negative balance provides goods/services, their balance moves toward zero and net credit is extinguished. This is full two-way elasticity by design -- contraction is automatic and symmetric with expansion. [1][2]	5

Spending Power Stability2x

1.6

Code	Question	Score
SPS-01	What mechanism does the protocol use to target spending power stability?CES has no explicit spending power stability mechanism. The system claims "there is no risk of inflation or deflation" because currency comes into existence only when trade happens. However, this is a supply-stability claim, not a purchasing-power stability mechanism. There is no algorithmic adjustment, rebase, or rate mechanism targeting spending power. [1][2]	1
SPS-02	What benchmark is used to measure spending power?Most CES exchanges base the value of their currencies on their local official currencies (e.g., South African Rand, Australian Dollar). This means spending power stability is imported from the reference fiat currency. Some exchanges use time-based units (1 hour = 1 unit), which anchors value to labor output. The fiat-denominated majority inherits fiat inflation; the time-based minority has a labor-output anchor. [1][2]	2
SPS-03	How transparent and verifiable is the stability measurement?There is no stability measurement mechanism to evaluate. Prices are set by individual sellers in the local exchange's unit of account. There is no index, oracle, or systematic measurement of purchasing power stability. [1]	1
SPS-04	What is the protocol's historical deviation from its stability target?No explicit stability target exists. For fiat-denominated exchanges, spending power tracks the reference fiat currency's inflation rate. For time-based exchanges, 1 hour remains 1 hour by definition. No independent measurement of deviation exists across the network. However, the system has operated for 23 years without a "depegging" event since there is no peg to break. [1][2]	2
SPS-05	Does the protocol distinguish between short-term volatility and long-term purchasing power drift?No distinction is made. Fiat-denominated exchanges inherit fiat's inflation. Time-based exchanges have a stable unit (1 hour) but no mechanism addressing whether the goods purchasable per hour change over time. Neither short-term volatility dampening nor long-term purchasing power anchoring is addressed in the design. [1]	1
SPS-06	Is the stability mechanism accessible globally?There is no stability mechanism per se. However, the CES platform is accessible globally with exchanges in 100+ countries. Each exchange uses its own local unit of account. The inter-trading system applies conversion rates based on money market exchange rates. The system is globally accessible but stability is not a designed feature. [1][2]	3

Fiat Independence & Interoperability2x

3.4

Code	Question	Score
FI-01	What is the protocol's unit of account?Each CES exchange has its own unit of account, but most base their currency values on local official currencies (ZAR, AUD, EUR, etc.). Some exchanges use time-based units. The system is unit-agnostic by design but operationally fiat-denominated in the majority of cases. Inter-exchange trading uses conversion rates based on money market rates of official currencies. [1][2]	3
FI-02	What is the fiat composition of the protocol's collateral or reserves?CES/mutual credit has zero reserves or collateral by design. Credits are backed only by the community's trust network and members' commitments to provide goods/services. There is no treasury, no fiat-backed assets, no collateral vault. This is fully non-fiat in terms of reserves. [1][2]	5
FI-03	Does the protocol depend on fiat banking infrastructure to function?The core mutual credit system does not require bank accounts. Trading happens on the CES ledger without fiat payment rails. However, some exchanges charge annual subscription fees in national currency, and the recently-introduced levy system operates in the exchange's own currency. The core system functions without fiat banking, but administrative fees sometimes require fiat. [1][2]	4
FI-04	Are the protocol's price feeds and oracles fiat-denominated?CES does not use formal price feeds or oracles. Prices are set by individual sellers. However, the inter-exchange conversion rates are explicitly based on money market exchange rates of official currencies. The price reference system for cross-exchange trading is fiat-denominated. [1][2]	2
FI-05	What happens to the protocol if the primary fiat currency it references collapses or depegs?Since credits are backed by trade relationships rather than fiat reserves, a fiat collapse would not destroy the network. However, fiat-denominated exchanges would need to redenominate their units. The CES platform's unit-agnostic design means exchanges could switch to non-fiat units. For time-based exchanges, fiat collapse would have minimal impact. Recovery path exists but is untested. [1][2]	3
FI-06	Does the project have a credible transition path from fiat-dominated adoption to fiat-independent operation?CES's unit-agnostic design inherently supports transition -- exchanges can choose non-fiat units (hours, talents, etc.). Tim Jenkin's writings explicitly frame CES as an alternative to fiat money and describe money as "information." However, no formal transition plan with milestones exists, and fiat denomination remains the operational default for the majority of exchanges. [1][2]	3
FI-07	Can local or sectoral currencies be denominated in or settle against this currency?This is CES's core design strength. The platform natively hosts 1,150+ local exchanges, each with its own currency. Inter-trading between exchanges is enabled through a system of virtual intermediaries and conversion rates. Multiple independent local currencies already operate on this standard across 100+ countries. This is a strong implementation of local currency composability. [1][2]	4
FI-08	Does the protocol define open standards for interoperability with other monetary systems?CES historically operated as a proprietary platform. The CES 2.0 upgrade (in development) is being built on Komunitin, an open-source platform, with code on GitHub. However, there is no published open standard for cross-system interoperability with systems outside the CES network. Interoperability is internal to CES exchanges only. [1][2]	2

Traction2x

3.8

Code	Question	Score
TR-01	Is the project still active?CES is fully active and operational. The platform is live at community-exchange.org, gaining ~9,769 new users in 2025 (~10% growth). A major CES 2.0 upgrade is actively in development with a beta targeted for Q3 2025. Ecuador alone created 139 new exchanges in the past year. The system is actively growing. [1][2]	5
TR-02	How long has the project been in existence?CES was founded in February 2003, making it 23 years old. This is one of the longest-running alternative exchange platforms in the world. [1][2]	5
TR-03	How many active users does the project have?CES reports 77,576 registered users across 600 active exchanges in 49 countries. However, only 139 exchanges were accessed in the last 2 months, suggesting many registered users are inactive. The 2025 activity summary reports 9,769 new users in 2025. Active user count is likely in the 10K-100K range based on registered figures, though actual active traders may be lower. [1][2]	3
TR-04	How many businesses or organizations accept the project's currency?CES reports 77,576 users (a mix of individuals and organizations) across 1,150+ exchanges. The system includes both individual traders and organizational accounts. While not all are businesses, the platform has facilitated over 1 million trades since 2003. The mix of participants across 100+ countries includes service providers, craftspeople, and small businesses. The number of business/service provider accounts likely falls in the 100-1,000 range per active exchange, with thousands across the whole network. [1][2]	3
TR-05	Is the currency used as a unit of account?Within CES exchanges, goods and services are priced and offered in the exchange's own currency (Talents, Hours, etc.). Members list offerings and wants in these units. The currency functions as a unit of account within each exchange network. However, most exchanges denominate in fiat-equivalent values, and usage as unit of account is limited to within the CES community, not in external commerce. [1][2]	4
TR-06	Is the founder or core team still actively working on the project?Tim Jenkin remains active as co-founder, chief programmer, and administrator. The CES 2.0 upgrade project is underway with new collaborators including Esteve Badia of Komunitin (joined February 2025). The project is actively seeking TypeScript developers. However, Jenkin is now 78 years old, and succession planning is unclear. [1][2]	4
TR-07	What partner organizations or institutions support or integrate the project?CES has documented relationships with Ashoka (Tim Jenkin is an Ashoka Fellow since 2007), CES Australia (independent affiliate since 2011), P2P Foundation (documented wiki entry), Komunitin/IntegralCES (technical partner for CES 2.0), and the Skoll Foundation (featured). Local exchanges also partner with schools, NGOs, and community organizations. This represents 5-10 meaningful partnerships. [1][2][3]	4
TR-08	Is the project covered or recognized by credible external sources?CES has a Wikipedia article, a P2P Foundation wiki entry, coverage in SA Good News, recognition by Ashoka Foundation (2007 Fellowship), Skoll Foundation feature, coverage in academic literature on LETS and complementary currencies, and a PMC-published systematic review referencing community exchange systems. Academic and institutional recognition is meaningful. [1][2][3]	4
TR-09	Is adoption organic — not dependent on subsidies, incentives, or mandates?CES adoption is entirely organic. Users join because they want to trade goods and services without conventional money. There are no token incentives, airdrops, or financial subsidies. The recent explosive growth in Ecuador (139 new exchanges) is grassroots-driven. The system charges minimal or no fees for participation. [1][2]	5
TR-10	What is the growth trend over the past 12 months?9,769 new users in 2025 representing ~10% user base growth. 157 new exchanges created, primarily in Ecuador (139). Growth from 29 different countries across 6 continents. 139 active exchanges accessed in the last 2 months. This represents moderate to strong growth, though concentrated in one country (Ecuador). [1]	4
TR-11	Does the project have a coherent narrative and cultural identity that drives long-term commitment?CES has a strong founding narrative: Tim Jenkin's anti-apartheid activism background informs a vision of money as "information" that liberates communities from debt bondage. The project's slogan "Your Talents are Your Wealth" and extensive philosophical writings on reinventing money provide cultural depth. The vision of a world without conventional money resonates across diverse cultures (100+ countries). Community engagement goes well beyond financial incentives. [1][2]	4

Sovereignty

1.8

Code	Question	Score
SO-01	Can any single entity shut down the project?CES International (the South African not-for-profit company) controls the primary server infrastructure. Tim Jenkin personally developed all the original software. While there are 4 servers (Cape Town, Taiwan, 2 in Australia), CES International controls the global platform. A single entity could shut down the centralized platform, though individual exchanges could potentially reconstitute using the forthcoming open-source CES 2.0 code. [1][2]	2
SO-02	Is the project's core infrastructure permissionless and self-hostable?The original CES software was developed by Tim Jenkin and is proprietary. The CES 2.0 rewrite is being developed as open source (AGPL-3.0 on GitHub), building on Komunitin. However, CES 2.0 is not yet deployed. Currently, the live system is centrally hosted and not self-hostable by individual exchanges. The open-source transition is in progress but incomplete. [1][2]	2
SO-03	Is the project subject to the jurisdiction of a single nation-state?CES International is registered as a not-for-profit company under South African law with directors in Cape Town. While servers exist in multiple countries (South Africa, Taiwan, Australia) and exchanges operate globally, the legal entity and primary administration are concentrated in South Africa. Regulatory action in South Africa could impair the project. [1][2]	2
SO-04	Does the project control or custody user funds?CES is fully custodial. Account balances are ledger entries maintained by exchange administrators and the central CES platform. Users have no cryptographic keys and cannot independently verify or control their balances. The administrator enters transactions and controls the ledger. The Registrar can deny membership or revoke access. This is functionally custodial. [1][2]	2
SO-05	Is the project resilient to key-person risk?Tim Jenkin (age 78) personally developed the entire platform and serves as chief programmer and administrator. While additional directors exist (Don Northcott, Dawn Pilatowicz, Ken Meek) and CES 2.0 brings new developers (Esteve Badia), the project's technology and institutional knowledge are heavily concentrated in Jenkin. His departure would materially impair the project until CES 2.0 is fully deployed. [1][2]	2
SO-06	Does the project depend on any third-party service that could be revoked?CES depends on web hosting providers for its servers, domain registrars, and standard internet infrastructure. With 4 servers across 3 countries, there is some geographic distribution but no documented migration paths if a hosting provider revokes service. The CES 2.0 project depends on GitHub for code hosting. Meaningful dependencies with some alternatives available. [1][2]	3
SO-07	Can the project be censored — can specific users or transactions be blocked?The Registrar can deny membership or participation in any Exchange. Administrators can withdraw advertisements considered offensive. Exchange administrators control who can join and can manage member accounts. Censorship capability exists and is used (offensive content removal, membership denial). Governance controls who can trigger it. [1][2]	2
SO-08	Does the protocol protect transaction privacy as a monetary right?CES states that "Privacy is not treated as a commodity, but as a condition for healthy participation" and claims not to use data for advertising or behavioral manipulation. However, transaction data is visible to exchange administrators. No privacy-preserving technology exists (no zero-knowledge proofs, no encryption of transaction data). CES does not require government ID verification but does collect personal information for accounts. [1][2]	2
SO-09	Does the technology enforce the project's monetary rules such that governance cannot silently override them?CES operates on a traditional web application with server-side logic. The original code is proprietary (Tim Jenkin-developed). Administrators have full control over the ledger and can modify balances, add transactions, or change rules. There are no smart contracts, no cryptographic proofs, and no immutable enforcement of monetary rules. Rules are policy documents, changeable at operator discretion. [1][2]	1

Governance

2.3

Code	Question	Score
GO-01	How are decisions about the project made?CES International is governed by a board of directors. The Charter specifies that individual exchanges adopt their own constitutions. Platform-wide decisions are made by CES International directors (Tim Jenkin, Don Northcott, Dawn Pilatowicz, Ken Meek). The stated intention is to widen membership to include nominees from participating exchanges, but this has not been fully implemented. Governance is informal at the global level, with more structure at the local exchange level. [1][2]	2
GO-02	Who has voting or decision-making power, and how is that power distributed?Decision power over the global platform is held by the 4 founding directors of CES International. At the exchange level, each exchange has its own administrator with local decision-making authority. Global governance is concentrated in a small group. The Charter mentions annual general meetings and director appointments, but governance remains board-controlled. [1][2]	2
GO-03	Is the governance process — and the monetary mechanism itself — transparent and publicly auditable?The CES Charter is publicly available. Exchange-level governance outcomes are shared within exchanges. However, global governance decisions by CES International are not publicly recorded in any systematic way. The original software is proprietary and not auditable. CES 2.0 (in development) will be open source. Currently, partial transparency with significant opacity in the monetary mechanism's implementation. [1][2]	2
GO-04	Can governance be captured by a small group or hostile actor?Governance is already concentrated in a small group of directors. The federated structure provides some capture resistance at the exchange level -- individual exchanges are self-governing and could theoretically leave the platform. However, the centralized platform means CES International controls the infrastructure that all exchanges depend on. At the global level, capture has effectively already occurred via the founding team's control. [1][2]	2
GO-05	How are upgrades and changes to the protocol or project proposed and executed?The CES 2.0 upgrade is being developed openly on GitHub with documentation of the decision to adopt Komunitin as the base. However, historically, upgrades have been executed by Tim Jenkin as sole developer without community voting or formal proposal processes. The current upgrade process is more open but still developer-led. [1][2]	3
GO-06	Is there a separation between governance over monetary policy and governance over operational decisions?No formal separation exists. At the exchange level, the same administrator manages both monetary parameters (credit limits, levies) and operational decisions (membership, content moderation). At the global level, CES International directors make all decisions. No distinction between monetary and operational governance. [1]	2
GO-07	Does the project have a constitution, charter, or set of immutable principles?CES has a published Charter that establishes core principles including democratic control, reciprocal exchange, and mutual credit. Each exchange must adopt its own constitution or founding statement. The Charter specifies that exchange charters can be cancelled for non-compliance. These are guiding principles with some enforcement mechanism but are not formally immutable or protected from governance override. [1]	3
GO-08	Can the project's issuance rules be changed, and are monetary policy changes subject to stronger constraints than operational changes?Issuance in mutual credit is inherent to the system design (credit created by trade). However, parameters like credit limits, levies, and transaction rules can be modified by exchange administrators or CES International. No stronger constraint exists for monetary changes versus operational changes. The same governance process applies to all. [1][2]	3

Resilience

2.5

Code	Question	Score
RE-01	Has the project survived a major crisis or adversarial event?CES has operated for 23 years through multiple global economic crises including the 2008 financial crisis, COVID-19, and various regional economic crises. The system's counter-cyclical growth pattern (more exchanges formed during economic downturns) demonstrates resilience. However, no adversarial event has specifically targeted CES (no hack attempts, no regulatory attacks on CES specifically). The project survived moderate stress conditions but has not been directly tested by a severe adversarial event targeting it. [1][2]	3
RE-02	Does the project have redundancy in its critical infrastructure?CES operates 4 servers: the main server in Cape Town (South Africa), one in Taiwan, and two in Australia. This provides some geographic redundancy. However, the Cape Town server hosts the majority of exchanges (1,161 exchanges across 84 countries on "this server"). If the primary server fails, most of the network would be affected. Some redundancy but critical single points of failure remain. [1][2]	3
RE-03	Can the project recover from a catastrophic failure?Transaction data and user accounts are stored on CES servers. Backup procedures are not publicly documented. The CES 2.0 project will be open source, enabling eventual rebuilding. However, the current proprietary codebase means recovery depends on Tim Jenkin or the CES team having backups. No formal disaster recovery plan is documented. [1][2]	2
RE-04	Is the project's design simple enough to be maintained and understood long-term?Mutual credit is conceptually elegant -- accounts start at zero, trade creates credits and debits, obligations are settled through further trade. The concept is describable in a single paragraph and has been understood by participants across 100+ countries for 23 years. The CES user guide makes the system accessible to non-technical users. Simple and maintainable conceptual design. [1][2]	4
RE-05	Is the project dependent on a specific technology that could become obsolete?The current CES platform is a traditional web application that Tim Jenkin acknowledges has "almost reached its limit of expansion." The CES 2.0 rewrite on modern open-source technologies (TypeScript, based on Komunitin) addresses this. The current stack is aging but the migration path is being actively developed. Built on widely-supported web technologies overall. [1][2]	3
RE-06	How does the project handle economic stress (bank runs, liquidity crises, collateral crashes, inflation/deflation shocks)?Mutual credit has inherent resilience to several economic stress scenarios: no bank runs possible (no deposits), no collateral to crash (no reserves), and the counter-cyclical adoption pattern suggests the system becomes more relevant during economic stress. Credit limits provide circuit breakers. However, no formal stress testing exists, and the system has no explicit mechanism for handling members who default on their obligations (taking credits and disappearing). [1][2]	3
RE-07	Does the project have sustainable funding for long-term maintenance?CES's sustainability model has been a challenge. The initial approach of self-funding through the system failed. A levy system was eventually introduced, and some exchanges charge annual subscriptions in national currency. Committee members have full-time jobs and contribute voluntarily. The CES 2.0 upgrade requires "ongoing fundraising." Revenue is accumulating through the levy system but long-term sustainability is unproven. The project survives on volunteer effort supplemented by small levies. [1][2]	2
RE-08	Can the system operate across extreme latency, disconnected networks, and multi-century timescales?CES supports both online transactions and paper-based Trading Sheets/Slips that can be processed offline and entered later. This provides some tolerance for disconnected operation. The federated exchange structure means individual exchanges can operate independently. However, the web-based platform assumes internet connectivity for normal operation. Could be adapted for high-latency but would require changes. [1][2]	3
RE-09	Is the system designed for a world where AI agents are primary economic actors?CES is designed for human participants trading real goods and services within communities. Membership requires human judgment (joining a local exchange, building trust relationships). There is no API designed for machine participants, no programmatic interfaces for automated trading. The Trading Sheet/Slip mechanism is human-centric. The system is fundamentally designed for human community interaction. [1][2]	1

Inclusivity

3.9

Code	Question	Score
IN-01	Can anyone in the world participate regardless of nationality, wealth, or status?CES is open to anyone worldwide -- exchanges exist in 100+ countries across 6 continents. Joining requires selecting a local exchange and registering online. No minimum balance, no credit check, no government ID required. CES was specifically designed to empower destitute persons, the elderly, disabled, and underemployed. The main barrier is that you need a local exchange to exist near you. Minor practical barriers (internet access) but no intentional gatekeeping. [1][2]	4
IN-02	What is the minimum cost to start using the project?Many CES exchanges have no charges in conventional money; where fees exist, they are small administrative charges or transaction levies in the exchange's own currency. Accounts start at zero balance. Some exchanges charge an annual subscription but this is exchange-specific. Overall cost to participate is zero or near-zero. [1][2]	5
IN-03	Does the project actively serve underbanked or financially excluded populations?CES was specifically founded to serve financially excluded populations in Cape Town, including marginalized communities like Khayelitsha. The system is described as a "means of empowerment" for poor people, the elderly, disabled persons, and the underemployed. A destitute person can begin earning credits by offering services without needing credit history. Active deployment in developing countries (South Africa, Ecuador, India). [1][2]	5
IN-04	Does the project distribute economic benefits — including seigniorage — broadly, or concentrate them among insiders?In mutual credit there is no seigniorage -- credit is created by trade, not by an issuer who profits. Transaction levies (where they exist) accumulate in a shared treasury account used for administration. CES International is a not-for-profit company. Committee members volunteer their time. Benefits are broadly distributed with minimal insider advantage. [1][2]	4
IN-05	Does the project treat all participants equally under the same rules?Within each exchange, all members operate under the same rules. Credit limits may vary by member based on trading history, which is a practical differentiation. Exchange administrators have more privileges than regular members (entering transactions, managing accounts). The administrator/member distinction creates a structural inequality, though administrators serve the community. [1][2]	3
IN-06	Does the project require identity documentation or surveillance to participate?CES does not require real-world identity verification or government ID. Registration requires basic contact information (name, email). CES states it does not use data for advertising, profiling, or behavioral manipulation. No invasive KYC. However, membership in a local exchange means your trading history is visible to the local administrator. Light identity requirement overall. [1][2]	4
IN-07	Does the project have mechanisms to prevent wealth concentration over time?CES has some inherent anti-concentration properties: credit limits prevent unlimited accumulation, and the mutual credit zero-sum nature means accumulation is bounded. The optional levy system deducts from both buyers and sellers. A demurrage charge on positive balances was discussed as a revenue option, indicating awareness of concentration risks. Credit limits function as a structural anti-concentration mechanism. [1][2]	3

Frequently Asked Questions

What is Community Exchange System (CES) and what problem does it solve?

How is money created in Community Exchange System (CES)?

Joining a CES exchange requires registration and approval by the local exchange administrator. Each exchange has its own rules and conditions of use. While anyone can request to join, acceptance is at the discretion of the local group.

How does Community Exchange System (CES) maintain stable spending power?

CES has no explicit spending power stability mechanism. The system claims "there is no risk of inflation or deflation" because currency comes into existence only when trade happens. However, this is a supply-stability claim, not a purchasing-power stability mechanism.

Is Community Exchange System (CES) independent from fiat currencies?

Each CES exchange has its own unit of account, but most base their currency values on local official currencies (ZAR, AUD, EUR, etc.). Some exchanges use time-based units. The system is unit-agnostic by design but operationally fiat-denominated in the majority of cases.

Who controls Community Exchange System (CES) and can it be shut down?

CES International (the South African not-for-profit company) controls the primary server infrastructure. Tim Jenkin personally developed all the original software. While there are 4 servers (Cape Town, Taiwan, 2 in Australia), CES International controls the global platform.

How widely adopted is Community Exchange System (CES) today?

CES reports 77,576 registered users across 600 active exchanges in 49 countries. However, only 139 exchanges were accessed in the last 2 months, suggesting many registered users are inactive. The 2025 activity summary reports 9,769 new users in 2025.

Is Community Exchange System (CES) still active and growing?

CES is fully active and operational. The platform is live at community-exchange.org, gaining ~9,769 new users in 2025 (~10% growth). A major CES 2.0 upgrade is actively in development with a beta targeted for Q3 2025.

What are the main risks or weaknesses of Community Exchange System (CES)?

Spending Power Stability is the weakest category (1.6/5.0): because CES has no mechanism for targeting or preserving purchasing power. Most exchanges denominate in national fiat currency units, importing fiat inflation entirely. While CES claims "no inflation" because supply matches trade, this conflates monetary supply stability with purchasing power stability.

What makes Community Exchange System (CES) unique from an M69 perspective?

Issuance Model is the strongest category (4.2/5.0): because mutual credit is one of the purest implementations of debt-free money: credit is created only through actual trade, contracts and expands symmetrically, requires zero reserves or collateral, and the connection to real economic activity is structural rather than aspirational. This directly embodies the M69 Manifesto's core monetary vision.

How is Community Exchange System (CES)'s M69 Score calculated?

Community Exchange System (CES) scores 3.1/5.0 overall. Pillar scores: Monetary Sovereignty 3.2, Civilizational Durability 2.2, Universal Adoption 3.8. Strongest: Issuance Model (4.2). Weakest: Spending Power Stability (1.6).