Withmore Currency Act

Introduction

As the rebuilding and geothermal energy project known as Avia I came to an end, and the financing entity known as Withmore Hope Inc dissolved, much of the order and structure within Withmore City was yet to be decided in 2040.

Events Leading to the Withmore Currency Act

The new ruling body, known as the Corporate Council, struggled for many years to maintain fiscal prosperity as they were still operating with the currency of their former governance, the US Dollar. In an attempt to establish both a standing currency and monetary identity for the City-State of Withmore, Corporate Council legislators drafted a currency act, which was debated through many of their sessions in 2047. Finally, in December of 2047, just hours before the Corporate Council went into its holiday recess, the Withmore Currency Act was passed by a large majority of the Corporate Council.

Promise Turns to Downfall

In preparation for the act becoming law in the coming year, the Corporate Council gave the green light for billions of units of the currency, to be known as 'Chyen', to be produced. Finally, in January of 2048, the Withmore Currency Act was officially signed into law.

The 'Chyen', or chy for short, started out strong in the world economy running equal in value to Withmore City's old currency. The millions of citizens came in droves to exchange their old US Dollars for the new Chyen. As Dollars started to be exported out of Withmore City, things seemed to be looking up for the independent City-State.

In June of 2048, though, the world's economy, in light of the city-state's relative 'youth' of tenure compared to other economic bodies, began to have doubts about the future stability of the Chyen. With local reports escaping from the City-State about the news of crime and violence that was steadily increasing within the domed city, international economies began dumping their Chyen reserves into the market, quickly deflating the Chyen to half its starting value.