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Hurmu crown

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The Hurmu crown is the currency for Hurmu, introduced on 1.I.1705. The Hurmu crown will be jointly legal tender with the Cräite four four Norton months, after which the Cräite will no longer be legal tender in Hurmu.

The crown was first released in the Currency Report by Finance Minister Guðrið Aakarstroym (CDH) in late 1702. The report proposed the crown as a currency for Hurmu, and would thus replace the Cräite as currency for Hurmu, after the Order of the Lakes referendum on the currency issue mandated that the government enact legislation to bring about a currency reform.

The report proposed that the currency will be gold-based, with 1 crown equivalent to the value of one full ric of gold, divided by one million. The report also proposed establishing a State Bank of Hurmu as the central bank tasked with setting monetary policies with a board of governance appointed one half by the Senate, one fourth by the Prime Minister, and one fourth by the Assembly of Representatives. Moreover, the report proposed that the currency would co-exist in both digital (blockchain) and physical ways (coins and notes), with the State Mint of Hurmu tasked with minting the coins (as well as collars and insignia of the Order of the Holy Lakes), and the State Press of Hurmu tasked with printing notes (as well as passports, original state documents, etc).

Finally, the report recommended that the the Hurmu crown would be sole legal tender from 1.I.1705.

In early 1703, the Assembly of Representatives passed the Hurmu Currency Bill, which implemented Aakarstroym's Currency Report in full. On 10.XII.1704, the Senate approved the bill. As such, the Hurmu crown will become legal tender on 1.I.1705.