Hansa Bank & Trust Company Limited, an Anguilla offshore bank, is in the process of issuing a US dollar currency for the purposes of microfinance, in specific support of the picoIPO venture.
The contract presented below is currently in trial with users and market makers closely related to picoIPO and Hansa Bank.
Trial Hansa Bank US E-Tender Dollar Contract:
| Name | Contract | Server | Balance Sheet | Reserve Account | LaVella | ||
| Dollars | asc | html | txt | .loc | (reserved) | (reserved) | (reserved) |
The Hansa Bank US E-Tender dollars contracts are reserved with dollars stored on account with the Hansa Bank. At the present time, Hansa Bank is not displaying or making available the quantity of reserves available at any one time, but have committed to doing the necessary work to display this on the web.
As a bank, Hansa Bank is regulated by the Ministry of Finance in Anguilla, and audited by Ernst and Young. Thus, by conventional financial logic, it might be considered that the reserve position is something that users could accept on trust. However, it is highly encouraging to see even a bank adopt the governance model that suggests that realtime public display of balances encourages faith and credibility in a difficult Internet world.
If you like reading press releases about this:
19th March 2001
Rachel Willmer, CEO of Intertrader today became the first purchaser of the new digital dollar issued by Hansa Bank (Anguilla, British West Indies).Read more at Intertrader or at Hansa Bank.
However, bear in mind that the WebFunds team reads the full e-tender contract in order to get to the truth!