💲H.R. 3241.1 - Centralized Banking System
Currency Exchange Rates
Below are the physical currency rates and values. These do not change, but the cost of goods and services may and will be a building block upon having a stable and failproof currency system.
1 Gold Nugget
$1 KBB
$64 KBB
1 Lapis Lazuli
$5 KBB
$320 KBB
$10 KBB
$640 KBB
1 Emerald
$25 KBB
$1,600 KBB
1 Diamond
$100 KBB
$6,400 KBB
$45 KBB
$2,880 KBB
$90 KBB
$5,760 KBB
$225 KBB
$14,400 KBB
$900 KBB
$57,600 KBB
Due to pocket size restrictions, the maximum currency that can be stored in your pocket is .
Banking System
A banking system will be in use to deposit and store your currency. In game physical currency can be deposited or withdrawn. Advantages of storing currency in the bank will protect your assets from theft, allow for easier trade/exchange, allow for earning of interest, ability to take out loans, and buy/sell products. In addition, utilizing the banking system will allow for transparency between fellow counties and could quickly identify foul play.
The Centralized Banking System (CBS) is backed and ruled by the Koflum Banking Regulation Board (KBRB).
Participating Countries
Koflum State
Barrenwood
Quarkitch Estates
Regulatory
Central Bank Oversight
AMMEND. It is mutually understood that the Koflum Banking Regulation Board (KBRB) will maintain unwavering oversight over all aspects of the central banking system. Any further changes to the banking system must be approved by and overseen by the KBRB to ensure compliance with our nation's financial regulations and standards.
Barrenwood will operate the central banking system under the guidance of the KBRB. Barrenwood's role would be the execution of the daily operations of the system, while all decision-making, rule-setting, and policy-establishment would be subject to the comprehensive oversight of the Koflum Banking Regulation Board.
Barrenwood will be a central authority responsible for overseeing the entire currency system. Additionally, all countries will have full access to currency transaction records and can report any suspected foul play of a country. Complaints will be taken seriously and will result in an unbiased investigation conducted by the Koflum Data Bureau KBRB and potential members of the jury to determine the party at fault. Conviction outcomes can be levied by currency/product/land confiscation or fines determined at ruling.
Licensing Requirements
All countries wishing to utilize the KBB Central Banking System will be required to obtain a license for trade, in addition to electing a public official for representation of said countries transactions, record keeping, and production.
Anti-Money Laundering Regulations
DEFINITION: Money Laundering is to be defined as items or currency that is generated using unethical practices (Creative Chest)
Money laundering will be strictly prohibited and any convictions may result to serious disciplinary action to be determined upon conviction of infractions.
Centralized Transaction Monitoring
Each country will be responsible for transaction monitoring of fellow countries. Any suspected suspicious transactions must be reported, and a unbiased investigation will be required.
Regulatory Reporting
Countries will regularly report financial data and activities to the central bank for supervision and analysis. This helps detect trends, identify risks, and ensure compliance with regulations.
Trading/Buying/Selling
Accessing Currency
Currency can be stored in the Koflum National Bank or in physical currency as listed above. At any time, players can deposit or withdraw currency from their bank accounts.
To make a deposit/withdraw, see EconomyShopGUI Plugin page.
Borrowing Money
Earning Interest
Dynamic Pricing (TBD)
Investing (TBD)
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