Jan 14, 21 / Aqu 14, 05 18:39 UTC
Sovereign Bank of Asgardia

I Aaron J. Hardin petition the Nation of Asgardia for the creation, management, and naming rights of "The Sovereign Bank of Asgardia" also known as "Bank of Asgardia" or "Asgardian Bank".

Banks (or in this case a decentralized credit union) have a very interesting relationship in that they can lend $11 for every $1 in savings. With an Asgardian bank, savings accounts are opened up to the public, as well as investment accounts, High interest CDs, and later business loans and mortgages.

Banks in the US can be started with as little as $500k seed. The 1m+ Asguardians can provide this with as little as a $0.50 investment. The industry standard for US credit unions is $5 to be put into a company stock account, which would provides a $5m seed. These funds will make each member a "member shareholder" and entitled to dividends. The $5 deposit is a minimum deposit, but members are able to deposit as much as they like to support the Asguardian Nation. The initial $5 deposit is locked for the duration of their banking relationship and can be withdrawn 90 days after account termination. During early days, when liquidity is minimal, only the stock savings will be available but members will still have their profile "wallets" for spending.

Initially, the banks money will be put to work by expert and seasoned daily traders, Credit Default Swaps, invested in REITS, and S&P 500. All traders will be Citizens of Asgardia and legally eligible to trade in their terrestrial state. All profits will be retained by the Sovereign Bank of Asgard. Traders will be compensated by a separate "Employment Agreement" to be created and agreed upon at a future date.

The Sovereign Bank of Asgardia will be ran by a Board of Directors, and headed by a Chairperson of the Board. Sovereign Bank of Asgardia Board will consist of equal members of Parliament and Asgardian Citizens. One seat will be held for Foreign Affairs, One seat will be held for Trade and Commerce, One seat will be held for Finance, One seat will be held for Equity and Resources, One seat will be held for Information & Communication, and Parliament will have two additional seats to place as they determine necessary.

Meetings will be held either virtually or physically at the discretion of the Chairperson. Meetings will be either encrypted or in a secure location. Electronic devices and recording devices will not be permitted during meetings. Quarterly earnings reports will be made public no later than 60-days close of quarter, but no earlier than 30-days close of quarter. Dividends and/or disbursements will be made no later than 7 calendar days post quarterly report. Quarterly use of funds will accompany Quarterly earnings report and include staff compensation, commissions, bonuses, travel, staff training, and assets as necessary. The currency of the Sovereign Bank of Asgardia will be the SOLAR and all reports will be issued in this format.

It needs to be mentioned that brick and mortar banks will be strongly discouraged. Many banks in coming years will be eliminated in favor of virtual wallets and will provide the opportunity of consolidating existing accounts into digital offerings. The Asguardian Embassy will house the few physical branches in addition to some other Asguardian services. The embassy will serve more like a bazaar with Asguardian Organic Food, merchandise, clothing, business exchange, business flex offices and conference rooms, theater, education hub, maker space, etc.