Hi, So, here's some ideas I've been bouncing around in my head;
1) a Rule declaring the RBoA to be a legal entity and as such, becomes responsible for the value of the Chit, whilst at the same time, the Chit will formally become legal tender for settlement of all debts public and private. 2) the value of the chit will be backed against the assets held by the bank; if assets are exchangable at the bank, then the value of the Chit against those assets will be calculated accordingly and rise and fall depending on whether the bank gains or loses assets. - Alternatively, we could instate a taxation authority and impose legality of the currency by fiat (link this in to vote points?). 3) Fractional Reserve; Chits deposited with the bank will receive interest on a weekly/monthly basis and hence permit the issue of loans as well - interest payable and receivable depends on the interest rate set by the Bank and should be reviewed on a regular basis to regulate economy growth. 4) The bank will be free to judge the creditworthiness of any borrowers and restrict individual lending accordingly; the Bank is entitled to require the individuals in limited partnerships to guarantee any credit issued to the partnership. 5) Insolvency/Bankruptcy - in the event of this situation, all assets are seized by the bank and creditors are paid their entitlement in Chits as a percentage of the overall amount loaned to the insolvent entity in such cases where the remaining assets are not enough to fully pay all creditors. Creditors may also force a bankruptcy/insolvency proceeding if any loan that is repayable on demand cannot be met by that entity within the time given by the creditor. 6) Undischarged bankruptcy - after bankruptcy proceedings complete, the bankrupted individual must declare eir bankruptcy status in the pursuance of any credit whether in a public or private manner. - this must also be declared in the proceedings of a Limited Partnership registration and overseers of the registration may refuse the individual on these grounds - similarly individuals responsible for the failure of a LP must also declare this prior failing and may be refused registration of such status in future for a maximum period of time. 7) Loans - a loan may only legally exist with such a status if issued in Chits OR the contract transfers an asset whilst simultaneously declaring a fixed Chit value against that asset such that if the entity becomes insolvent, the creditor must accept this sum of Chits as repayment for the debt, regardless of the fluctuation of the relative worth of the Chit - Loans not linked to a Chit value are considered null and void in the event the debtor cannot or chooses not to repay the debt. 9) Grandfathered debts - Existing debt contracts not in Chits may be modified to stipulate a Chit valuation if so desired by the Creditor and this valuation must be assesed by a temporary committee that should be set up by the Bank of Agora - noting that no individual committee member may pass valuation upon a contract if they are a party to that contract. 9) Currency Stability - the Bank may take whatever action it deems necessary to maintain the stability of the Chit in the interests of the citizens of Agora. So that's the lot. what do you think? Cheers, Olipro
