Micronational Dollar

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Micronational Dollar
Micronational Dollar.png
Official users

Republic of Mcarthia
Kingdom of Loquntia
Democratic Republic of Cinnamon Creek
Federal Republic of Whestcorea
Principality of Noland
Empire of Paravia
Kingdom of Novapara
Usian Republic
Federal Republic of Breckland

Auburn
Symbol M$
Code MND
Nickname Micro
Plural Micros
Sub-unit 0.1M$
Central bank Intermicronational Bank

The Micronational Dollar, M$ or Micro was an intermicronational currency founded in March 2016 by Kit McCarthy.[1][2] The electronic Micro was designed to facilitate trade in the micronational community.

Introduction

The currency was seen by McCarthy as a way of getting a real, functioning economy to work in the Microwiki community. Frustrated by all the talk of micronational trade, with no way of allowing it to actually happen, he designed the currency 'in one evening.' It was inspired by the model used in Universal Triumvirate, which uses a standardised currency and multiple currencies to get an economy to function - a system which even allows a stock market. M$s can be used by any individual, organisation, or nation.

History

The currency was released on the evening of the 10 March 2016, and saw relatively quick adoption in some areas of the community, with thirty-two accounts having been created two days later. The Financial Conduct Authority was founded the day after. On 13 March, the Intermicronational Bank released the first draft of the Intermicronational Bank Valuation (IBV), which valued M$1 at £2.33. It also announced a competition for others to create a good way of valuing the currency.

Organisation

The M$ is run by the Micronational Dollar Institute (MDI), which has the financially independent Intermicronational Bank (IB) as a subsidiary. The MDI is responsible for administration, while the IB is responsible for bank accounts and the supply of money. There is also an independent body, the Financial Conduct Authority or the FCA who oversees the former two. The FCA deals with fraud, competition, and consumer safety, as well as being a financial watchdog for the governing bodies.

Units

The M$ is subdivided into parts of a dollar, down to 0.1M - pronounced as zero-point-one-micro.

Financial Supply

The money supply was originally supposed to have been set at 25 times the number of registered accounts, but that number quickly fell to only about 11 times three days after.

Value

The Intermicronational Bank Valuation (IBV) uses a market basket to estimate a Pound Sterling valuation of the M$. When first released, it used a market basket of 11 items, estimating the value of M$1 as £2.33. The most recent figure (as of the 18th of March 2016) is £2.19.

Marketing

The M$ has been aggressively marketed by themicronational, Kit McCarthy's text based online news source, but has also employed other businesses to organise wider advertising. The regularly published M$ Advertiser lists almost all currently available businesses and jobs, and provides updates on the M$'s progress.

See also

External links

References

  1. New international currency founded, Daily Micronational, 10 March 2016
  2. The M$ Advertiser | Issue 1, The Micronational, 11 March 2016