Repealed Executive Order No. 3/2025:Declaration of the Netherite Standard for the Redmont Dollar

[Unitymaster]

Executive Order No. 3/2025:​

Declaration of the Netherite Standard for the Redmont Dollar

By the authority vested in me as President under the Constitution of the Commonwealth of Redmont, I hereby declare the adoption of Netherite as the standard backing for the Redmont Dollar (R$). This policy aims to establish a robust economic framework, bolster confidence in the Redmont Dollar, and stimulate sustainable growth in the private sector.

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Section 1. Establishment of the Netherite Standard​

1. The Redmont Dollar (R$) shall be officially pegged to Netherite, with the exchange rate determined by the Federal Reserve Board (FRB).
2. All financial institutions, businesses, and entities within Redmont are mandated to recognize the Netherite-backed Redmont Dollar as the sole legal tender for transactions.

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Section 2. Netherite Reserve Fund​

1. The Federal Reserve Board (FRB) shall establish and manage the Netherite Reserve Fund to back the currency.
   • The reserve shall hold Netherite ingots equivalent to at least 50% of the total currency in circulation to maintain economic stability.
2. Initial Reserve Target:
   • The reserve shall aim to accumulate sufficient Netherite ingots to meet the backing threshold set by the FRB.
   • Current reserves and shortfalls shall be assessed, with strategies implemented to address deficits.
3. The FRB is authorized to purchase Netherite ingots at rates it sets, reflecting market dynamics and the goal of reserve adequacy.

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Section 3. Transparency and Reporting​

1. The FRB shall publicly disclose the reserve ratio (percentage of currency backed by Netherite) and the current exchange rate on a monthly basis.
2. Monthly reports shall outline reserve levels, exchange activities, and the status of the Netherite Standard implementation.

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Section 4. Incentives for Netherite Procurement​

1. The Department of Commerce (DOC) shall administer mining grants and rewards to individuals and groups contributing Netherite to the reserve.
2. The FRB shall coordinate with the DOC to ensure fair compensation for contributions and support sustainable mining practices.

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Section 5. Convertibility and Exchange​

1. Redmont Dollars (R$) may be exchanged for Netherite ingots, and vice versa, exclusively through financial institutions authorized by the Federal Reserve Board (FRB). These designated institutions are the sole entities permitted to facilitate such exchanges directly with the FRB. All transactions are subject to exchange limits and thresholds as determined by the FRB to ensure economic stability and adherence to reserve policies.
2. The FRB shall determine the exchange rate based on economic conditions, reserve levels, and market stability.
3. If reserves fall below the 50% threshold, the FRB may temporarily suspend convertibility until reserves are replenished.

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Section 6. Currency Management​

1. The FRB shall implement a currency buyback program to align the currency supply with available Netherite reserves.
2. Future printing of Redmont Dollars must be directly proportional to the acquisition of new Netherite reserves to ensure the integrity of the peg.

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Section 7. Oversight and Review​

1. The FRB and DOC shall jointly oversee the implementation and enforcement of this policy.
2. A formal review of this policy shall occur Monthly to assess its effectiveness, address unforeseen economic challenges, and propose adjustments as necessary.

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Section 8. Effective Date​

This Executive Order shall take effect immediately, with the Federal Reserve Board authorized to set the exchange rate and commence Netherite acquisitions within seven (7) days of issuance.

Signed this 7th day of January 2025.
UnityMaster
President of the Commonwealth of Redmont

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