[2020] Hey, new to Eco. Do you have to use Currency?

So, I’m brand new to Eco and having a fun time playing with a group of 6 of my friends. We’re running into the issue if currency is required for such a small group of players on the server.

We are split between socialist in nature and just helping each other out or going full capitalism and using the in-game mint, currency, etc.

Questions: 1. Is it possible to go full socialist and not use currency? 2. Which is better for such a small server? 3. If we do go socialist, can I got full on Communist as world leader via the government and have the state own everything and create gulags?