NationStates Jolt Archive

International Electronic Currency Network Act (IECNA)
Category - free trade
Strength - significant

Creating a new fund transfer network, creating international economic stability and standard recognized by all member nations.

Article I
Section
1
ACKNOWLEDGING that most all nations and regions have a different currency standard and thousands of banks worldwide, with the dollar as comparison to determine the value of one country or regions said currency to another.
2
IMPLEMENTING a form of internationally recognized electronic fund transfer for use by the entities of all member nations; providing inexpensive to produce debit cards to use in lieu of traditional forms of currency. The creation of the network unit production and all work produced by the act will help offset the costs of setting it to use.
3
PREVENTING international creditors from placing excessive fees on international monetary conversions and purchases; allowing an alternative to the use of creditors for the use of electronic funds.
4
MANDATING member nations accept and gradually adapt to the use of the new standard monetary electronic funds network within 6 to 18 months.

Article II
PROVISIONS

Section
1. The new currency transfer system will exist through electronic means, not through any one central bank but through a network of all member nation banks.

2. All funds shall be placed on secure electronic debit cards in the form of the international standard of the dollar.

3. The official name will be known as International Credit, (iCred) (iC)

4. No iC cards will have any funds on them at the time of issue.
5. All citizens and respective entities of all member nations will be provided with at least one personal account at no out of pocket cost to the citizens themselves.

6. iC accounts will have extensive initial and optional security features.
Sub-Section

A Initial Features
Part
1. 128-bit encryption on all iC cards.
2. Citizen name stamped into card and coded into magnetic strip.
3. Hologram featuring the UN logo placed on card to detour counterfeit copies.
4. Minimum 8-digit alphanumeric pin code for account access.
5. 4-digit numeric code for purchase access.
6. Manual and automatic deposit.

7 The iC and its uses will not determine the outcome or status of individual bank, government or credit union loan credit ratings.

8 Computer networks established through this act may be made available by private banks, industries, or government, but must not interfere with any known as legal lawful and abiding funds, transfers or accounts established by this act.

9 iC funds are not immune to taxes of their nation of origin, or nations involved with the iC program.

10 Each nation must provide its own accounts and international network connections for its own citizens.

There is potential here to merge two proposals - we have proposed the creation of an International Banking and Finance Congress (IBFC) to oversee world debts and government monetary transactions. Perhaps it would be prudent to merge the two ideas into one super-resolution to bring in the IECN and the IBFC together.

Unspecifistanian UN Ministry.

OOC: Does this system mean all currencies will be pegged in value against the USD? If so, what standard will the USD be set by (eg gold standard)?

(In RL, there was a system where all currencies were pegged against the USD, which was pegged to gold in value - the infamous 'Bretton Woods System'. It failed because it could not keep up with currency changes and Vietnam de-valued the USD to quickly, and so nations pulled out.)

On reading this proposal it seems to break one of the propsal rules, namely this one...

Game Mechanics

Game Mechanics violations are attempts to change how the UN works. Generally, these are Proposals that should be threads in Technical. Anything that requires and adjustment to how the game does things, or requires a change of code falls into this category. Requiring "proper" spelling, adjusting the number of votes needed for queue, creating a universal UN currency, and forming a "secondary UN" are all examples of this. Another example of this is forbidding UN action at a future point in time -- you can't make your Resolution "Repeal-proof" or prohibit types of legislation.

Rules For UN Proposals (http://forums.jolt.co.uk/showthread.php?t=420465)


My opinion. While the general idea is a good one, you can't force a new banking system on all UN nations. Especially as all nations are different and have different systems. Some nations are past tech and don't have computers or the technalogical means to do any of this.

You have a good point however, I don't believe that this breaks any of the hack laws, because it is not asking for a change in the game mechanics, merely connecting the banks of all nations with an electronic fund transfer system, which isn't really currency itself, merely a medium which currency is transfered, like a wallet does with paper money for comparison.

Like all resolutions there are things that people won't agree with for the sake of one nations rights or abilities to fulfill a resolution, however that's why we all vote on the resolutions in the first place. The resolution will actually benefit the nations that are less developed by allowing them to more easily transfer money in the www.thirdgeek.com/nseconomy set in stone standard of the dollar.

Please Understand this resolution will not create an official UN currency or one world currency, simply because there is one already in the Dollar and it is against the rules.

P.S. This isn't creating any currency anyways.

From various bits and pieces I've read on the forum, thirdgeek and the rest of those economic calculators aren't recognised as an official part of the game so don't agree with you that NationStates does have the dollar as our standard. Someone more experienced than me would be able to comment on this better though.

If this isn't setting up an international currency, then maybe you should add something to the proposal that makes that very clear because that was the overwhelming impression I got from reading it :).

Don't get me wrong, I do like the general idea and wish I knew more about economics so I could give you some proper input for the proposal itself.

Smaller proposals that are subjective to one thing at a time may benefit this.
Proposal for the integration of electronic transfer capabilities between Nation States
Then
Proposal for Definition of electronic monetary transfer.
etc
wherein each Proposal makes an allowance for particular parts of the whole idea.

Essentially The many Ideas you have within this one proposal could each be a proposal that benefits in different ways.

From various bits and pieces I've read on the forum, thirdgeek and the rest of those economic calculators aren't recognised as an official part of the game so don't agree with you that NationStates does have the dollar as our standard. Someone more experienced than me would be able to comment on this better though.

My understanding is that thirdgeek is a possible reference for RP purposes, but one cannot unequivicably state that all data in thirdgeek applies for all cases. That said, explicitly noting that the standard is the dollar is probably not the wisest choice. You can note that there is an international standard currency already in place, but I wouldn't acknowledge it beyond that. That, however, is not a mechanics issue as it is quite an RP situation.

With that in mind, I have one other thing to make a comment on at this time (as I don't have time yet to do the full and dirty analysis)

4
MANDATING member nations accept and gradually adapt to the use of the new standard monetary electronic funds network within 6 to 18 months.


Member nations accept this new system automatically (as in, less than a day after the resolution is passed). As such, the timeframe for accepting it would be pointless. However, you can set the timelimit on implementation.

The other thing I would add here is make an exception for those nations who are technologically incapable of supporting such a system (eg: the Caveman-era nations). As Waterana rightly pointed out, not all have computers - some don't even have electricity.

it is not asking for a change in the game mechanics, merely connecting the banks of all nations with an electronic fund transfer system,
I agree with this interpretation, and did not delete this one on a recent proposal sweep
Please Understand this resolution will not create an official UN currency or one world currency, simply because there is one already in the Dollar and it is against the rules.
Nope. Thirdgeek may use $ as an indicator, but NS does not recognize an 'official' currency apart from the user-customizable fields. Each nation may set its own currency, which is why any Universal Currency proposal is considered game mechanics.