Issuance and Creation of juro Digital Money

Transparent and standardized mechanism for the issuance of the Juro’s complementary currencies.

Juro provides a standardized, transparent, and functional protocol for the issuance of money as units referred to as “juro” where a holder of any of the eligible Standard Money Instruments, commodities, or in-ground assets (“Natural Capital“) can convert them into juro Digital Money.

The eligible Standard Money Instrument or commodity which was used in the conversion process is deposited in a safekeeping account which is referred to as the Juro Reserve Account at the Juro Treasury depository.

There is a separate Juro Reserve Account for each currency and commodity designation of the Juro Organization.

In addition to the eligible Standard Money Instruments and commodities, any asset class may also be deposited into those Juro Reserve Accounts where it is incidental to a contribution to the Juro Trust Estate or activities governed by the Juro Revenue Sharing Program.

How it Works

Juro is a system that is transparent, standardized, immutable, and stable.

Mining Juro

Mining is a staple of cryptocurrencies which is arguably an irresponsible use of energy that may have negative environmental consequences. Mining, however, is the built-in incentive for people to adopt a given cryptocurrency. Although the Juro System does not have a computational proof of work process which “mines” the digital money like most cryptocurrencies, there is an analogous function in Juro.

When juro is minted through the exchange of Money Judgment Titles, the analogous “mining” of juro occurs in three steps:

Step 1 (Prospecting): a dispute is brought before a court of competent jurisdiction.

Step 2 (Ore Extracted): a money judgment is granted by a court.

Step 3 (Refining and Minting): the money judgment title holder exchanges the title for juro Digital Money for a in issuance fee of 3.00% of the face value where the issuance fee is paid in juro (any statutory interest accruals of the title continue to mint Juro digital money). There is a due diligence underwriting fee for the assessment of the Money Judgment Title used to exchange for juro.

In the case of the conversion of Money Judgment Titles, it is the legal work of assessing the merits of a case which the judiciaries of the world are tasked with, which is entire basis of and prerequisite to the issuance of new juro in this manner. 

It is only after a Money Judgment Title holder has elected to exchange the title for the Juro digital money, and after that title has cleared the due diligence underwriting process of the Juro System, that the registration of the intrinsic value has occurred in the Juro System.

When juro is minted through the conversion of any other eligbile Standard Money Instrument , the “mining” of juro occurs in three steps:

Step 1 (Prospecting):

a valid transaction is entered into by willing parties which have elected to use a “Standard Money Instrument” (i.e. promissory note, bill of exchange, trust receipt, credit card debit authorization, debit card debit authorization, direct debit authorization, sovereign debt, central bank debt, etc) as the medium for payment.

the “Standard Money Instrument” is fully legalized (i.e. notarized) and becomes irrevocable / unconditional.

Step 3 (Refining and Minting): the “Standard Money Instrument” title holder exchanges the title for juro Digital Money, any statutory interest accruals of the title form a part of the income of the Juro Revenue Sharing Program. There is a due diligence underwriting fee for the assessment of the “Standard Money Instrument” used to exchange for juro.

In the case of Juro Conversions through the exchange of an eligible “Standard Money Instrument” (money in any of its forms), it is the work of the legalizing entity (i.e. notary, court office, bank, etc) assessing the merits of an instrument which the recognized legalizing entity is tasked with, which is the entire basis of and prerequisite to the issuance of new juro in this manner. 

Step 2 (Ore Extracted):

It is only after a “Standard Money Instrument” Title holder has elected to exchange the title for the juro Digital Money, and after that title has cleared the due diligence underwriting process of the Juro System, that the registration of the intrinsic value has occurred in the Juro System.

Intrinsic Value

The intrinsic value of a company or an asset is the actual value based on an underlying perception of its true value, including all aspects in terms of both tangible and intangible factors. This value may or may not be the same as the current market value of a company or an asset.

The Intrinsic Value of Justice

Participants of society subscribe to the social contract, regardless if that subscription is made implicitly or explicitly. Part of the responsibility of the organs of the organized governments who are the counter-parties to the social contract is to provide for social order and justice. It can be argued that, and it is the opinion of all Juro members and Juro Industry Participants that, the principal of an organized and consistent system which provides for justice in a society is an essential component of the social contract. The act of adjudication of disputes by the institutions of society provide for justice. As justice is of vital importance to the human state and to society as a whole, justice, therefore has intrinsic value. If justice had no intrinsic value, what would be the point of justice being described as an essential benefit of the social contract in the first place?

The use and intrinsic value of Money Judgments Granted by Courts

It is the opinion and assertion of the members of the Juro Organization that the intrinsic value of Judgments is the legally ordered and declared value the Court has defined in its capacity as an organ of the Judiciary of a country. Titles of Money Judgments granted by Courts therefore have a “legal value”, which is also the intrinsic value. The Juro Organization asserts that Titles of Money Judgments granted by Courts are “Legal Money”. Through the Capital Conversion of the Juro System (“CCJS”) and use of juro, the Juro Network has monetized and commoditized justice.

Monetary Policy versus the Issuance of Money

Central Banks, Treasury Departments, Finance Ministries, or the otherwise mandated entities of governments, do not have a monopoly on the issuance of money as their respective roles in monetary policy may suggest. These entities may have a monopoly on monetary policy and monetary policy activities, which extends to the issuance, printing, and distribution of legal tender, however legal tender is not the only form of money that is used in society. The forms of money used in society for the settling of debts includes anything that is accepted as a medium of exchange. Therefor, the issuance of money is extended to any and all parties which are authorized or otherwise have the right to issue a form of money which is accepted by other members of society.

The rights and laws pertaining to the issuance of any form of money varies from country to country, however the forms of money themselves are consistent and include: bearer-negotiable instruments including monetary instruments in bearer form such as travelers checks, negotiable instruments (including cheques, promissory notes and money orders) that are either in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title thereto passes upon delivery and incomplete instruments (including cheques, promissory notes and money orders) signed, but with the payee’s name omitted; currency (banknotes and coins that are in circulation as a medium of exchange).

Money Judgment Titles fall within the meaning of money, making Money Judgment Titles a form of money. Therefore, the courts that issue Money Judgment Titles are in fact the issuers of said form of money.

Money

Most of us use money on a daily basis, whether it’s to buy things, get paid, or transfer money to a friend. Through the ages, money has taken various forms – from gold and silver through to the two types of money used today: cash and bank deposits. Throughout history, people have used all sorts of things as money.

The most obvious ‘function’ of money is simple: it makes it easy for people to buy and sell things. It is seen as a reliable ‘medium of exchange’ between buyer and seller. For this reason alone money is considered central to the workings of the modern economy.

But money has other uses, too. It is a way to store value for the future. For instance, if you were given a serving of frozen yogurt worth $1, you could enjoy it right now, but if you didn’t it would melt – and that ‘value’ would disappear. But if you were given $1 instead, you could spend it any time you like.

Money is also used when businesses price things. If you get your car fixed by a mechanic, in the USA you’ll be charged in dollars and cents. The price could be listed in other units (bags of flour, gallons of diesel, etc) but money offers a shared standard that everyone can use, making it easy to compare prices.

Legal Tender versus Payment Methods and Money

‘Legal tender’ is a term that people often use, but when it comes to what can or can’t be used to pay for things, it has little practical use. Legal tender has a very narrow and technical meaning, which relates to settling debts. It means that if you are in debt to someone then you can’t be sued for non-payment if you offer full payment of your debts in legal tender. What is classed as legal tender varies from country to country, and even varies throughout different regions of a single country (i.e. England and Wales, Scotland, and Northern Ireland of the United Kingdom have different classifications of “Legal Tender”).

There are many acceptable payment methods which aren’t technically legal tender. This is why the term “legal tender” has little use in ordinary everyday transactions.

Most shops accept payment by debit or credit card, and some accept cheques and contactless payments. These are safe and convenient ways to pay, despite not being classed as legal tender.”

Juro is legal money, and can be used in any way in which other mediums of exchange are used within the Juro Network. It is the mission of the Juro Organization to promote a universal acceptance and adoption of juro by all governments and banking authorities, so juro can be freely exchanged for legal tender notes at licensed financial institutions and in the general global economy.

Cash Money and Money Supply

Of all of the US dollars denominated money which is in existence, currently, the US government only maintains about $800 billion in physical cash money legal tender (primarily Federal Reserve Notes) in circulation throughout the world(a) compared to the total money-supply denominated in US Dollars, which includes almost $3.76 trillion in M1, more than $14.478 trillion in M2, and an even greater amount US Dollars classified in M3 which is no longer included in the reporting by the Federal Reserve, and even more MZM (or money zero maturity) which includes financial assets with zero maturity and that are immediately redeemable at par(b). In the money supply, “L” is the broadest measure of the liquidity, which the Federal Reserve no longer tracks either. The physical cash amount has actually increased from a sum of less than $30 billion back in 1959(c). The CCJS provides for the legal issuance of M3 or MZM into the money supply(d).

The Juro Organization and the company are hopeful that US dollar denominated digital money issued as M3 or MZM in the money supply using the CCJS will be assets that compliment, or alternatively take the place of, National Debt as the base assets to back Federal Reserve notes. Alan Greenspan, long the head of the Federal Reserve, has been quoted as saying, “I am confident that U.S. financial markets, which are the most innovative and efficient in the world, can readily adapt to a pay-down of Treasury debt by creating private alternatives with many of the attributes that market participants value in Treasury securities.”(e)

Although the US government receives income overall from seigniorage, there are costs associated with maintaining the money supply. Leading ecological economist and steady-state theorist Herman Daly, claims that over 95% of our broad money supply in the United States is created by the private banking system (demand deposits) and bears interest as a condition of its existence, a conclusion drawn from the Federal Reserve’s ultimate dependence on increased activity in fractional reserve lending when it exercises open market operations. Other economists, however, may criticize this logic because money is created in the banking system in response to demand for the money, which justifies cost. Adoption and utilization of the Juro Conversion and the solutions put forward by the Juro Organization would provide for expansion of the money supply in a non-inflationary and wealth-expansionary manner and without added seignorage costs.

Sustainable Growth of the Economy

Many economists, including staff at the US Department of Commerce, have argued that the growth of the economy may not be sustainable as the ability for households to save money has been on an overall decline and household debt is consistently rising. There is a temptation by liberal economists and left leaning politicians to argue for a kind of debt forgiveness, however any relief of debtors must not be at the expense or financial ruin of their creditors. The use of the Juro Conversion provides for a dignified and transparent debt restructuring for debtors, with forgiveness being possible in extreme circumstances, and as per the terms of a voluntary agreement with the Juro Organization, without exposing creditors to undue hardships, thereby stabilizing any economic distress at the source.

Effect on Interest Rates

The adoption and implementation of Juro would generally have Interest rates be in a state of equilibrium between the time-preferences of borrowers and savers, as well as a stable meritocratic scale of interest rates paid by borrowers based on credit-risk assessed by the respective credit histories of borrowers. This will have a direct effect on mortgage, consumer loan, student loan, and commercial loan interest rates. This equilibrium of interest rates would only be distorted by any government and / or Federal Reserve intervention, which generally would just move the rates but the differences between the categories of those with “better credit” versus those with “worse credit” and all of the categories pertaining thereto, will generally remain the same.