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IECNA

Posted on Sep 28 2005, 06:24 AM

IECNA

A resolution to reduce barriers to free trade and commerce.

Category: Free Trade

Strength: Significant

Proposed by: Our Corporate Nation

Description: International Electronic Currency Network Act (IECNA)

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.

Approvals: 5 (Shariann, Skyscraper Island, Hoegsholt, Dragonions, Elghinn)

Status: Lacking Support (requires 123 more approvals)

Voting Ends: Sat Oct 1 2005

This post has been edited by Bettia on Sep 28 2005, 06:27 AM