Currency Exchange Transparency Act
Category: Regulation
Area of Effect: Consumer Protection
Strength: Mild
World Assembly,
Fearing that those wishing to exchange currency within a WA nation may be taken advantage of,
Recognizing that ambiguity surrounding the exchange of currencies allows for fraud to easily occur,
Establishes the following,
To aid in the eradication of such ambiguities, this Act officially task the International Securities and Exchange Commission (ISEC) with monitoring the market value of every commonly used currency (a distinction to be determined by the ISEC), determining an approximate value for said currencies based off of their observations, and publishing said approximate values at the conclusion of every week,
Furthermore,
Hereby mandates the following regulations,
- 1. At any given location, be it virtual or physical, where the exchange of currency takes place, the value said location determines for every currency which is accepted and/or distributed must be clearly displayed, alongside the approximated value determined by the International Securities and Exchange Commission (ISEC) at the end of the previous week. This may manifest itself in many forms, but the recommended manner is the following: At a prominent location in the physical or virtual signage, declare a specific nation’s currency (preferably the nation within which the transaction is occurring in the case of physical establishments) to have a value of 1.00. Then, list all other currencies which one may convert their currency to, or from, with their value, both as determined by the money-changer and the ISEC, relative to the currency whose value is 1.00. I.e. if currency “A” is listed to have a value of .50, as determined by the money-changer, and currency “B” is listed to have a value of 2.00, as determined by the money-changer, then for every 4 “x” of currency “A,” one receives 1 “x” of currency “B” (“x” representing the name of the currency, i.e. dollar, yen, etc.)
2.The added surcharge, or lack thereof, for said conversion must also be clearly displayed at any of the previously mentioned locations. This surcharge may manifest itself in any way deemed legal by a given nation and WA legislation, such as a flat amount taken during the transaction, a percentage taken, etc.
3.Any individual, company, organization, or the like, including forward contract participants, must be given the option of receiving a receipt of the transaction. This receipt must include the amount and type of currency the money-changing service received, the amount and type distributed in return, and the previously mentioned surcharge (or lack thereof).
