Free Banking.

[New Hyannis]

We effectively have free banking. Chelta has a national currency, which the government deals in and in which taxes are paid, but it is not legal tender, and banks freely issue their own currencies for private use. We have no central bank, and private banks are subject to next to no statutory regulations.

That's actually a bit less regulation than we have. Thanks to everybody who has posted.

[Liberty and Alderney]

Banks are free to do whatever the fuck they want here.

[New Hyannis]

Banks are free to do whatever the fuck they want here.

Can you specify somewhat? Are there literally no regulations or laws in place?

[Liberty and Alderney]

Banks are free to do whatever the fuck they want here.

Can you specify somewhat? Are there literally no regulations or laws in place?

Well, when you got people who have connections to some, lets say unsavoury types, it is very hard to reign in on executives.

[EmVenuem]

Banking is strictly regulated in EmVenuem.

Bank accounts provided to individuals must be run on a non-profit basis and consequently most of these are owned either by the state or by independent public bodies.

Accounts provided to commercial organisations can be run for a profit, and so there are some private banks that operate on this basis. Occasionally these will also offer non-profit personal accounts, mainly as a means of catering for both companies and their employees.

[New Hyannis]

Banking is strictly regulated in EmVenuem.

Bank accounts provided to individuals must be run on a non-profit basis and consequently most of these are owned either by the state or by independent public bodies.

Accounts provided to commercial organisations can be run for a profit, and so there are some private banks that operate on this basis. Occasionally these will also offer non-profit personal accounts, mainly as a means of catering for both companies and their employees.

That sounds...horribly bureaucratic, actually.

[United Russian Soviet States]

Banking is totally regulated here.

[Kxcd]

Free banking is outlawed.
In fact, any banking not done through the state or its' cronies approved banks is outlawed.

[Allanea]

Allanea has a free-banking system. A variety of currencies are used, both currencies issued by banks, foreign governments, and private cryptocurrencies. Some regulations exist but mostly they're there to prevent overt fraud.

[New Hyannis]

Allanea has a free-banking system. A variety of currencies are used, both currencies issued by banks, foreign governments, and private cryptocurrencies. Some regulations exist but mostly they're there to prevent overt fraud.

So yours is an even less regulated system than ours. Hard to do, but impressive. Thank you.

[Free Tristania]

In the United States of Free Tristania there is, very much, a dual system with the official tender being the Free Tristanian Dollar, whose issue is governed by the United States Monetary Authority but whose issuing has been left to various banks who operate under a USMA license. The USMA itself is not involved in banknotes and does not insure them either.

Insuring deposit accounts is left to various insurance companies who operate on the same basis with other, competing, private currencies which have been deposited in Free Tristanian banks.

[Nortainland]

Most banks may not issue their own notes. Only three banks, the King's Bank of Cadell, the Princes' Bank and the Bank of Hambria print notes. St Edmund's Bank has the right to print notes however does not currently though it has in the past. Banks must hold at least 30% of a depositor's money in reserve, under fractional reserve banking. Reserves held by banks must be in gold, official bank-notes or coins. All bank-notes printed by the above four banks are legal tender.

Banks must have at least 80% of their reserves insured. Banks usually hold reserves in King's Bank of Cadell banknotes in high denominations, such as £10,000, which normally circulate only through banks. Taxes must be paid through every transaction by the bank, not the customer. Banks have the right to prevent customers from accessing their money for periods of up to five business days. Should a bank 'fall' or become bankrupt, the reserves will recompense customers generally.

[Kraslavia]

What is the status of Free Banking in your nation?

For a definition, Free Banking is a monetary system which subjects banks and credit unions to no more regulations than other business enterprises. Another noteworthy aspect of Free Banking is banks are permitted to issue their own currency notes, subject to basic regulations, as opposed to the notes being issued by the state. In its purest form, Free Banking allows no role for a central bank of any kind, and the "lender of last resort" role does not exist in the traditional sense. The state does not insure banknotes or deposit accounts.

Market forces help to control the system, regulating how many banknotes can be supported by the existing cash reserves, which are traditionally a precious commodity of some kind.

Having read this, what is the status of Free Banking in your nation? Is it in use? If not, was it ever, and does it have any supporters presently?

NO. NO. NO. And again NO. We are not yet another uber-capitalist hellhole. There are only Coop Banking in Kraslavia, and all banks must by law send monthly reports to High Commissariate of Trade and Economy, National Economic Council.

[Post-Left Anarchy]

There is no official currency in PLA, nor is the economy based on money, so banking in of itself has been made redundant. We don't even want banks to spring up, seeing how much damage they can do to society and how they practically enslave people with debt. We generally do not trust any banking system, be it a central bank, free banking, a banking co-operative or otherwise.

[Urmanian]

Free banking is the law. There's no one central bank, banks are subjected to the same regulation as other private enterprises (i.e. none) and can print their own banknotes, and all currencies (including crypto-currencies) are allowed to compete against each other, with no one "legal tender" or central currency. It's not like we're communists or anything.

[Nordenkaltian Union]

Small banks and credit unions are relatively unregulated but they still don't have much influence over the economy. All banks have the power to store and lend money with interest rates set by the government but it's illegal for any bank to partake in investments.

[Klemantan-Borneo]

Not practiced as our currency, the Carlsvadian Croon is regulated by the Carlsvad Bank.

[Vallermoore]

We have some banking regulations but not a vast number of them.

[New Hyannis]

NO. NO. NO. And again NO. We are not yet another uber-capitalist hellhole.

You prefer being a collectivist hellhole? To each their own.

I thank everybody who has posted thus far for their contributions. Some very interesting systems are on display, such as those of Urmanian and Free Tristania.

[Karrosia]

Monetary policy and the banking system are strictly regulated and managed by the Karrosian federal government and as such, Roepiah banknotes may only be issued by our central bank.

[Apiatica]

Free Banking does not exist, given both the communal nature of Apiatica as well as its lack of a paper currency whose value is enforced by the central government (that is, money). Currently, a proposal is in the works to create a National Trade Bank to exchange goods and services with other countries, though this would be a fully government bank, leaving the idea of free banking in the dust.

[New Hyannis]

I am once more reviving this thread because I feel it covers a topic worthy of discussion and consideration. Please read the OP and consider carefully before posting.

[Lancov]

Lancov's banking system is regulated to prevent abuse and discourage trusts from forming. Banknotes are printed by the government and issued by the Central Bank, which also insures deposit accounts and sets monetary controls for private banks.

We also allow have Swiss-style secret bank accounts.

[TURTLESHROOM II]

AMENDMENT THE TWENTY FIRST:
No Central Bank of TurtleShroom shall be permitted to exist, nor dictate monetary policy; Congress shall have direct control of the regulation of money and the control of monetary policy.

If evidence of a bank asserting significant control over the money supply or economic matters which would be placed under the auspices of a central bank appears, Congress shall have the authority to initiate an investigation and to subpoena the evidence needed to pursue an indictment, upon which the bank as a legal person shall be made to stand trial before the Supreme General Court of TurtleShroom.

Congress shall not interfere with or assist the banking industry, except to combat fraud, deceit, and other items specifically prohibited by this Constitution.

The debt of the Kingdom and the validity of the same shall not be questioned nor defaulted, nor shall the nation absolve it for any reason.

---

AMENDMENT THE TWENTY THIRD:
No tax shall be levied on the income of a corporation, on any capital gains by any creature or institution, on stocks and dividends, on loans, on pensions, or on any man’s estate.

Except to combat fraud, insider trading, and other forbidden acts, the stock exchange market may not be hampered with by any form of Congressional interference.

Free banking is the law of TurtleShroom and such an interference in the Free Market is not tolerated. Consequentially, this makes TurtleShroom a victim of crippling bank secrecy. The dishonest and criminal usage of for-profit banks means that TurtleShroomers hate banks and bankers, and as such, invest in Credit Unions instead.

[Banten Sultanate]

In Banten Sultanate, commercial banks are moderately regulated by the Bantenese Central Bank, although commercial banks are free to create and implement their own policies.