Gold Exchange Credits

Gold Exchange Credits, or GECs, are the universal currency of the modern world and act as the official currency of the Kunari City Metropolitan Area. The GEC is the standard that all other modern currencies are built upon or pegged to. The GEC was first introduced by the International Trade Committee in 1988 following the collapse of the global economy and the massive inflation of major currencies. Until the GEC, all currency was connected to and directly influenced by gold stocks held by major world powers: for example, the Gilded Coin of Juwon's economy was pegged to the price of a gram of gold. However, the modern economy outgrew the global stockpile of gold, leading to inflation and economic collapse. This was worsened by corporations buying out stockpiles of gold and hoarding them throughout this market crash. The GEC, in attempts to steer clear of ties to physical wealth, was designed as a fiat currency and placed in the control of global banking organizations under the ITC. This was done to try to curb inflation and provide better measures of currency control to the international community.
Gold Exchange Credits became the global currency incredibly quickly, replacing Juwon's Gilded Coin as the common trade currency within months of its inception. Mass amounts of GECs were minted in the late 20th century in attempts to stimulate the economy, but overprinting, combined with the fall of the net in the 1990s, caused another, even worse, economic collapse. This led to the creation of a massive swathe of alternate currencies, many made by corporate entities, to try to reduce reliance on the seemingly unstable GEC. Many of these currencies failed globally, however, as they lacked any true legislative backing that would have given them influence. The 2010s onward saw a period of stability in terms of the GEC, with 
Nowadays, the Gold Exchange Credit is entirely electronic, only existing in bank accounts and on personal credsticks. This transition was made in the late 2070s, when widespread famine, droughts, and civil instability caused the GEC to, once again, inflate. Additionally, the credit and loan system completely collapsed due to rising interest rates, stagnant wages, and falling property prices. Not wanting to overprint and hyperinflate the GEC, it was turned into a completely electronic currency, with the ITC wanting to implement more secure regulations, limit interest rates, and clear debts. By this point in time, Kunari City, which was experiencing the worst of this instability, was also considered the hearth of international business and the global economy, likely causing this action. Over time, the GEC restabilized and, currently, is at a very stable and healthy point; however, past economic crises have led to permanent price increases in the modern day.