| abstract
| - The standard credit ₡ was established by the UN's Unified Banking Act, a piece of legislation enacted by the UN Council and approved by the Presidium, establishing the credit as the standard trade currency in human space. The legislation was drafted by the World Bank after 12 years of negotiations and published finally in 2089. The Act also laid out regulatory guidelines for determining the value and exchange rate of the credit in relation to the currencies of the individual UN member states. By 2092, the vast majority of countries had adopted a single, global currency. The USA was among the last developed nations to do so. International business is now fairer, more efficient and more stable. Problems with inflation which had plagued some economies in the past are eliminated. The poor are no longer being hurt by the impacts of currency fluctuations. All but the most impoverished societies are now cashless. For the typical citizen of today, transactions take place without any need for physical coinage, notes or cards, instead being achieved by on-person nanotech. A large portion of humanity's GDP now comes from goods and services produced entirely online, often within highly sophisticated virtual environments. Hard currency can be stolen or counterfeited, so electronic fund transfers are the norm. This fact have made it to win the nickname Phantom Money because there's no physical evidence of its existence. Many people today invest more time and money in their virtual home than they do in their actual, physical home. This is especially true of those living in China, India and Japan – where cities are so dense, overcrowded and expensive that many residents are forced to live in pod-like structures, cubicles or shared rooms. The online world offers a welcome escape from this stressful way of life. Indistinguishable from reality, a person's virtual home can appear as a gigantic mansion, in exotic and beautiful surroundings, decorated in whatever style the occupant desires, with many luxurious items of furniture. Being entirely digital, these can be bought for a fraction of the cost of their real world counterparts. Some countries have maintained their original currency (Canada, Nigeria, Japan, etcetera) and others (the vast majority) have adopted the Credit entirely. The credit has a managed floating exchange rate, calculated in real time by the central bank to maintain the average value of all participating currencies. Some regional currencies are worth more than a credit, and some less. A user with a bank account of Mexican pesos, Japanese yen, or Indian rupees can purchase any item priced in credits at fair market value. All economies that participate in the credit network are required to price items in both local currency and credits. Table of examples of how much do products prices and its comparison to 2013 proucts and its costs.
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