Kolion

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The kolion is a local currency created to support the poor farmers of Kolionovo, a small town located 125 km south-east of Moscow. The currency gained notoriety after the creator of the currency, Mikhail Shlyapnikov, was arrested and the kolion was declared illegal tender in Russia.

History[edit]

The kolion was created by Mikhail Shlyapnikov in 2014[1] as a promissory note for the farmers of Kolionovo.[2] The kolion is pegged so that 1 kolion is equivalent to 10 kg of potatoes[3] and 2 kolions are pegged at 10 eggs.[4] Because the farmers of Kolionovo received rubles only twice a year, the kolion was created as an alternative currency accepted only in Kolionovo.[5]

In June 2015, Shlyapnikov was arrested and the kolion was declared illegal.[6][7]

References[edit]

  1. ^ "Russian prosecutors seek to ban 'surrogate money' known as kolions". Russian Legal Information Agency. 1 June 2015. Retrieved 11 June 2016.
  2. ^ Raunaq Vaisoha (29 June 2015). "A Russian Farmer Sows His Own Currency to Aid Rural Population". CoinTelegraph. Retrieved 11 June 2016.
  3. ^ Ivan Nechepurenko (2 June 2015). "Anarchist Russian Farmer to Defend His Village Currency in Court". The Moscow Times. Retrieved 11 June 2016.
  4. ^ Kerry Bolton (19 May 2016). "Kolionovo v. Usury: A Lesson for the World". Katehon. Retrieved 11 June 2016.
  5. ^ Andrei Kozenko (12 June 2015). "Russian farmer on trial for printing his own monopoly money". Meduza. Retrieved 11 June 2016.
  6. ^ "Russia: Farmer's 'village currency' lands him in court". BBC. 5 June 2015. Retrieved 11 June 2016.
  7. ^ "Anger in Moscow as Russian village prints own currency". Al Jazeera. 28 June 2015. Retrieved 11 June 2016.

8. Russian Farmer Alters Rural Economy With Virtual Currency, as Moscow Watches Warily. by Thomas Grove. The Wall Street Journal, April 22, 2018

External links[edit]