Usage of the Dinar as a Currency

[Insaanistan]

Hello Islamic Nations of NS! This is an economic proposition to help strengthen the Ummah on NS. I propose that we all use the one currency: the Dinar. This would be a lot like the Euro in the EU, or the new West African currency they are developing. If we all use the Dinar, it would make importing, exporting, and trade so much easier, as there would be no issue of currency transfer.

[-Astoria]

Hello Islamic Nations of NS! This is an economic proposition to help strengthen the Ummah on NS. I propose that we all use the one currency: the Dinar. This would be a lot like the Euro in the EU, or the new West African currency they are developing. If we all use the Dinar, it would make importing, exporting, and trade so much easier, as there would be no issue of currency transfer.

How would you take into account the likely vastly different trading systems of said countries?

or the new West African currency they are developing

Except that's pretty much dead & gone thanks to us backing out, but that's another story.

Also, it's not really much of a storefront - maybe this'd be more suited to F&NI?

[Common Territories]

You can invent any currency you wish, and even create an economic group that uses it as its standard currency. But nothing will ever be greater than the NSD/USD (NationStates Dollar/Universal Standard Dollar) on the greater NS world. In regions or groups where you close off from the greater NS world it will work, but for example storefronts here in GE&T are not likely to take such currency unless they obviously use said same currency. I know I wouldn't accept Dinar because to my nation, it's only worth the paper its printed on. This is why NSD was invented by the community so that everyone could exchange services/products without dealing with complicated monitory value issues.

Nothing stops you from trying to get more people using it, so all I can say is good luck convincing people.

Hello Islamic Nations of NS! This is an economic proposition to help strengthen the Ummah on NS. I propose that we all use the one currency: the Dinar. This would be a lot like the Euro in the EU, or the new West African currency they are developing. If we all use the Dinar, it would make importing, exporting, and trade so much easier, as there would be no issue of currency transfer.

How would you take into account the likely vastly different trading systems of said countries?

or the new West African currency they are developing

Except that's pretty much dead & gone thanks to us backing out, but that's another story.

Also, it's not really much of a storefront - maybe this'd be more suited to F&NI?

Economic threads, both IC and OOC, are also permitted on GE&T. So this, if tagged and conducted right would be a proper place for a discussion.

[Samudera Darussalam]

Hello Islamic Nations of NS! This is an economic proposition to help strengthen the Ummah on NS. I propose that we all use the one currency: the Dinar. This would be a lot like the Euro in the EU, or the new West African currency they are developing. If we all use the Dinar, it would make importing, exporting, and trade so much easier, as there would be no issue of currency transfer.

I think the economic policies of each nation would be very different. Not all countries enact the policies of free trade, so unless there is a treaty or something, it won't work, but that's my opinion.

[Insaanistan]

Hello Islamic Nations of NS! This is an economic proposition to help strengthen the Ummah on NS. I propose that we all use the one currency: the Dinar. This would be a lot like the Euro in the EU, or the new West African currency they are developing. If we all use the Dinar, it would make importing, exporting, and trade so much easier, as there would be no issue of currency transfer.

I think the economic policies of each nation would be very different. Not all countries enact the policies of free trade, so unless there is a treaty or something, it won't work, but that's my opinion.

Well, then let's make one!