The mechanism of a happy sustainable financial economy
This blog post is about eumo, a Japanese digital currency
platform that overturns the existing concept of money.
eumo has been a common topic among the members of
the Tebanasu Management Laboratory I participate in.
However, I began to feel eumo as an digital currency more personally
when I designed the website for “Earth Scenario” in early 2024.
I received a large amount of eumo as a thank-you for the design fee.
Living overseas, I thought I couldn’t use Japanese digital currency,
but then I found out that I could use eumo currency to pay for eumo Academy, a course that teaches about empathic capital economy.
So, I joined the 12th term of eumo Academy to learn more
about eumo and the empathic capital economy.
Therefore, I will share about eumo currency and
my learnings at eumo Academy over the next three posts.
First, let’s start with what eumo is,
so I will introduce the overview of eumo in this post.
Contents:
- Sustainable Happiness Proposed by Former Elite Financial Professionals
- The Meaning of Money that Disappears in Three Months
- The Spread of Empathic Capital Called eumo
- Pros/Cons of Using eumo
Sustainable Happiness Proposed
by Former Elite Financial Professionals
Looking at the eumo website, you will find that two of the three core founding members are former bankers. I didn’t know Kazunori Arai, but he is one of the founders of Kamakura Investment Trust, which invests only in selected “good companies”.
I knew about this company through a friend’s Facebook share a while years ago and thought it was an interesting initiative, but later he also created
the digital currency platform eumo himself.
Mr. Arai has experience working for BlackRock Japan,
the world’s largest asset management company.
I didn’t know much about BlackRock itself, but listening to Take-chan’s Earth Scenario, I understood its greatness. Mr. Arai, who worked at such a world-dominating asset management company, Mr. Iwanami, who was responsible for corporate sales and foreign exchange operations at Mizuho Bank which is one of Japanese best 3 Mega bank,
and Take-chan (Kozo Takei), a self-proclaimed management
enthusiast and member of the Tebanasu Management Laboratory management team, founded eumo.
eumo is an organization that calls for a transition from a centrally
controlled capitalist society to a decentralized empathic capital society.
The new mechanism that seems to break down the existing capitalism is
nothing short of exciting!
Incidentally, the name eumo is an abbreviation for Eudaimonia (sustainable happiness). According to the website,
sustainable happiness is the happiness gained
through self-realization and a sense of purpose in life,
and the company aims to provide opportunities for related company
or people involved in it to realize sustainable happiness.
What kind of new empathic capital society will emerge from people who have been deeply immersed in and thoroughly understood the mechanisms of the capitalist society so far? Let’s explore that from now on.
The Meaning of Money that Disappears in Three Months
Do you think the more money you have in your bank account, the better?
I used to think so too. However, as I listened to eumo Academy and
Take-chan’s Earth Scenario, my perception gradually changed.
Now, I believe that instead of keeping money in a bank account,
it is better to circulate it to places you want to support within the range you feel comfortable.
To explain why, I would like to quote my favorite story
about “The Parable of the 100 Dollar Bill”.
It was August, in a town along the Black Sea coast.
The small town was lifeless and damp with rain,
and people were struggling with debts and living hard lives.
A traveler came to this town and entered the only hotel,
placing a 100-euro note on the counter,
and went upstairs to choose a room.
The hotel owner grabbed the 100-euro note and
ran to the butcher to pay off his debt.
The butcher took the same note
to the pig farmer and paid off his 100-euro debt.
The pig farmer held the note and ran to the supplier
to pay for the feed and fuel he owed.
The supplier, holding the 100-euro note,
ran to the town prostitute who had been extending credit to him
despite the tough times.
The prostitute took the note to the hotel and paid off the room charges
she had accumulated from frequently bringing in clients.
The hotel owner put the 100-euro note back on the counter.Just then, the traveler came down,
saying he didn’t like any of the rooms,
pocketed the 100-euro note, and left town.No one earned anything, but everyone paid off their debts
and the town regained its vitality.
In other words, money only comes to life when it circulates.
Even if you save a lot of money in the bank and rejoice or worry
over the numbers, the money you actually deposit is loaned out
by the bank to someone in need,
and the bank makes a profit from the interest.
There is no change for you.
But what if you invest part of your savings
to help a friend start a restaurant?
Your friend would be happy to start the restaurant,
you would have a convenient local place to eat
when you don’t feel like cooking,
and you might even make new friends there,
leading to more enjoyable days.
Rather than having an economy that improves in a way you can’t feel,
it’s better to have an economy that makes
everyone you interact with happy, as that visibly makes you happier.
The Spread of Empathic Capital Called eumo
Returning to eumo, the money of eumo not only disappears in three months, but it also has several other features.
1. Usable only at member stores eumo
can only be used at member stores, and becoming a member store
requires recommendations from three people.
This seems to create connections among future member stores.
2. When the payment can add extra tip
You can add extra to the set price during payment.
This is a pleasant system for member stores.
3. Redistribution of expired currency every three months
Money that has expired in eumo wallets after three months
is redistributed based on the amount used
and the extra added during that period.
This is a little pleasant surprise.
4. Leaving a message for the store when using at member stores
You can leave a message about why you purchased the product
or your thoughts on the store, which goes beyond a mere financial transaction.
5. Usage history flows to the eumo app’s timeline and can be liked
The message from 4 is made public on the app like Facebook’s timeline,
so your actions can receive likes from others,
and you can easily connect with others who frequently use the same store.
6. Visualization of your usage
This may also be a feature of other digital money,
but eumo allows you to visualize your usage,
enabling you to reflect on how you use eumo.
Pros and Cons of Using eumo
I hope eumo becomes more widespread, so I will write about what I think are the advantages and disadvantages of using eumo from the perspectives of users and member stores. Although I’m not a member store, so this is just my imagination. XD
Advantages for users:
• Shopping somehow satisfies your heart
• The redistribution after three months
feels like a little pocket money and makes you happy
• You can get interesting and enjoyable information
at exchange events among eumo users
• You feel closer to the store people
Advantages for member stores:
• Users’ posts can serve as free marketing
• You can connect with customers on a heartfelt level
• Sometimes you can earn significantly through tips
• You can disseminate store information
at exchange events among eumo users
Disadvantages for users:
• You can’t live solely on eumo yet
(currently 674 stores in all 47 prefectures in Japan)
• For online payments, you may need to contact the store
if eumo payment options are not available on their website
Disadvantages for member stores:
• You need to set up a system for eumo payments
These are the main advantages and disadvantages, I think.
Personally, since I live overseas,
I hope there will be stores available for use overseas in the future.
And if we could live using only eumo, what kind of world would that be?
I’m excited just thinking about it.
Next time, I will write a blog about the nature of money
that I learned at eumo Academy, which was eye-opening.
Thank you for reading to the end.
