Vallac
Mechanics & Inner Workings
The Vallac is a high-security digital instrument that functions as a payment method, a unit of account, and a store of value, similar to gold. To prevent counterfeiting, each unit is uniquely identifiable. It's a digital bearer instrument that may be stored, transferred, and transmitted via a variety of digital payment systems and services.
Implementation of the Vallac involved the provision of universal bank accounts with the Central Monetary Authority for each nation and all citizens. Early systems and interfaces had numerous problems, and it took nearly a century to find a dependable solution. Finally, in 330 NE, the first Neural Patch1 was created through a collaboration with Sevangesia's Energence Solutions.
The Vallac allows the CMA to track the exact location of every unit of currency, preventing a variety of illicit behavior such as tax evasion. It also makes identifying criminal activity much easier by observing financial activity; however, because the Central Monetary Authority is a corporation owned by the neutral nation of Pallua Island, it rarely gets involved in these activities unless they directly affect the nation's or the CMA's interests. Many countries have attempted to negotiate for financial records of individuals or organizations to obtain incriminating evidence against them, but Pallua Island maintains its non-interventionist stance and adheres to its confidentiality policy.
History
Pallua Island has been the world's premier trade entity for generations. Since the Ingosha established in Jucopi in 207 NE, it has been a trade nation. Its location is suitable for serving as a hub for international trade, and re-exporting became its route to an organized industry. In 271 NE, it formed free trade agreements with all nations save Abatesh Island, with most nations trading via them. Soon after, Palluan leadership oversaw the foundation of the island's major financial organization, the Jucopi Monetary Authority, formed by Romy Rosencrantz in 293 NE.
Pallua quickly realized the difficulties of being the world's trading center: each country had its own currency, and not all of them would accept the many types as a form of payment. They wasted time changing products to money, therefore the Jucopi Monetary Authority decided that a permanent solution was necessary.
The Authority's Treasurer collaborated with a group of Jucopi's top financial experts to create a currency that could be used by every country on the planet. After great consideration, each country agreed to make Pallua Island the international authority in charge of monetary policy, national banking regulation, and financial services, including economic research. In 305 NE, the Jucopi Monetary Authority was renamed the Central Monetary Authority, and their proposal for a global currency standard was put into action. Their result: the Vallac.
1A chip implant installed in the brain at the base of a person’s skull that stores and transmits the encrypted files of their CMA bank account and finances. It acts as a neural interface that allows the user to access and regulate their information. These interfaces can typically be installed for free when a person reaches adolescence but the exact legal age to do so varies from nation to nation. In nations where the human population is the minority, Neural Patch installations are low due to the disruption and damage they cause to numen. These people often opt for the older method of handheld devices or forgo the technology altogether and operate through their nation’s commercial banks.
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