The National Institute of Standards and Measures was created by the US Treasury to define the gold and silver weight standards. Today, money is based on databases and contracts, so is it time for a standard?
A public standard describing monetary transactions defines the security and integrity of the information. It allows an audit trail that can be compiled between institutions.
From a monetary science perspective, the standard encourages liquidity and velocity of money. The cost of transactions decreases, due to its efficiency and removal of ambiguity (intentional or otherwise). With greater efficiency and transparency, trust can be restored.
The basic format of the proposed standard handles any type of financial transaction, conforms to contract law in all countries, and is readable by anyone.
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