GIFTBANK - An Experiment in Rethinking Economic and Monetary Systems

In recent years, one of the efforts of Vcil Community has been to create a monetary and economic system oriented towards human well-being and ecological regeneration. In this system, the ultimate goal is not infinite GDP growth, but the common prosperity of the community and the ecosystem. The definition of wealth is comprehensively expanded: material sufficiency accompanied by happiness and respect for the planet's ecological limits.

'Financial freedom' is built on the foundation of generous sharing, rather than accumulating as much as possible. In this system, money becomes a 'common' asset—a resource that is shared, accessible by any member of the community, and managed by the rules set by that community. This organizational method encourages trust among community members, based on transparency in resource usage.

This is the transformation of consciousness in the process of long-term systemic change. Therefore, with the desire to expand experiments in resource sharing and solidarity economics on a broader scale, Vcil Community has launched the Gift Bank exclusively for Members.

This 'Bank' will be formed based on the voluntary contributions of our members. The funds from Vcil Community will be transferred to this 'Bank' monthly. Members are free to contribute at any time with any amount. And members are also free to use these funds for personal or community purposes without any constraints.

Unlike traditional banks, the Gift Bank will have goals, operations, and a spirit of activity focused on supporting a truly sustainable economy, reducing barriers to accessing financial capital, and promoting cooperation, sharing, generosity, and mutual trust.

- Reducing barriers to accessing funds: When there is a need to withdraw money, the person withdrawing only needs to fill out a registration form to submit a withdrawal request. If the amount is less than 120 USD, no explanation is required, but if it exceeds 120 USD, the requester simply needs to state the reason for needing the money, with no further obligations. Here, the person withdrawing can choose to repay the full amount withdrawn, repay a portion, or not repay at all.

This helps reduce barriers when accessing financial capital, which is very different from traditional banks. Instead of checking repayment capacity through salary statements, collateral, etc., the Gift Bank allows withdrawals as long as there is a need. The withdrawn money can be used for personal purposes to meet basic needs, for personal loans, or for community service purposes without any additional constraints. All members of the community can access this bank, ensuring equality.

Therefore, the bank also becomes a Common good (the commons) of the community. The commons are resources that do not belong to any individual but are shared assets of the entire community, which everyone has the right to utilize and the responsibility and obligation to protect. Like rivers, forests, and beaches, they do not belong to anyone, but everyone can utilize them and make a living from them; at the same time, everyone has the responsibility and obligation to protect the sustainability of those rivers, forests, and beaches

- Contributing to the real economy: The real economy encompasses economic activities that involve the creation, distribution, and use of tangible products and services. Selling food, building houses, bus services, clothing production, etc., are examples of activities in the real economy, as they provide essential goods and services for daily life. For withdrawals of less than 3,000,000 VND, the money can be used to cover daily necessities, such as attending a course, buying seeds, repairing broken items, or daily consumption during unemployment. For withdrawals of more than 3,000,000 VND, the purpose of the withdrawal needs to be clearly stated; the community only accepts requests that cover personal needs (such as education, rent, food during unemployment, or using the money as business capital or for startup purposes) or organizing community-oriented programs or projects. Through this, the money will be ensured to be used for real needs, contributing to the real economy, rather than for speculation or investing in financial products that do not create real value.

- Changing our relationship with money: The way the Gift Bank operates completely transforms our relationship with and mindset toward money. When we practice giving by contributing to the bank, we cultivate generosity, sharing, abundance, and a sense of inner security, instead of fostering scarcity, hoarding, and competition as in the current banking and monetary system. By turning the bank into a common good (the commons), mutual trust is also nurtured, as everyone can use the funds, and everyone has the responsibility to maintain and protect this shared asset. Money, therefore, is restored to its inherent value: it becomes a tool to meet real needs and promote human happiness, a way to contribute to the real economy, and a tool for creating social impact, rather than a means to drive consumerism, evaluate and measure people, or cause negative impacts on nature and the environment.

Reading here for more details (for membership only) here