A mobile time bank is a labor exchange - a barter platform for selling and buying consulting services. It works by blurring the line between formal education and work, thereby providing a seamless transition from formal school to the workforce.
We could explore the possibility of solving the barter-tax issue by billing consulting clients 1$ per job per hour - this amount can be subject to taxation and the virtual credits earned treated like non-taxable "loyalty points". What do you think of this approach?
The "virtual currency" refers to client-awarded satisfaction points for each job delivered. This feature adds per-job compensation as an incentive and differentiates this concept from volunteer networks.
Points earned could be redeemable within the network by using them to buy consulting services or specialist knowledge. For example, I could train a user on Java programming for 3 hours and pay for an hour of Spanish language lessons with "time dollars" earned. The reward system fosters reciprocal value and real-world personal experience growth.
If the virtual currency is transferable then third party trading mechanisms can be built to convert it into hard cash. Being a mostly peer-regulated currency, some controls would be needed to prevent abuse.