Micronational Dollar
| Micronational Dollar | |
 | |
| Official users |  Republic of Mcarthia
.png){kind=small} Federal Republic of Eurastoria |
|---|---|
| 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. 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 that 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$'s progress.
See also
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External links
- List of micronations by official currency
- The Micronational Dollar - An Introduction
- M$ - Account Registration
- M$ - All Accounts
- M$ - Transactions
- M$ - List Your Business
- M$ - Business Listings
- M$ - Statistics
References