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#    The Primary Commodity Producers’ (PCP) Certified Currency Framework Specification 

 * Version of this text: 0.1.1 0.1.0 
 * License of this text: Creative Commons Attribution 4.0 International (CC-by 4.0) 
 * Management of this Framework: Specification:  
 ** Author: Joseph Potvin <[email protected]> 
 ** https://free.redminepro.com/projects/CertifiedCurrency/wiki/Framework https://xalgorithms.redminepro.net/projects/certified-currency-working-group/wiki/Wiki 

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 ## Summary 

    About this Document  

 This framework describes a simple method for participants along a supply chain reference text is maintained under formal revision control by and on behalf of Signatories of Accession Letters to anchor contract worth (expressed the PCP Certified Currency Specification. ("Version 2.5.4" would represent: Version 2, Sub-Version 5, Minor Update 4) Any new thread and/or version of this text is deemed to be active only to the extent that each Signatory to an Accession Letter updates their Letter with money through price) to independently verifiable data on primary productive capacity. a new thread and/or version number of the PCP Certified Currency Specification. 

 ##    Purpose 

 When After contracting parties establish their intentions in and sign a signed document, contract, they have a mutual interest in protecting their terms of agreement from external drift and volatility.[1] externally-imposed changes. The Primary PCP Certified Currency Framework is designed to provide Specification provides participating businesses, their suppliers and their customers an easy-to-use peer-to-peer a voluntary contractual arrangement to control manage risk from pricing and payment inconsistency due to contract worth caused by external various factors that could degrade contractual intent and market integrity. 

 The Primary PCP Certified Currency Framework: Specification outlines a simple method for resilient term contract pricing and payment that: 
 * can be implemented used with any existing paper or polymer currency;  
 * aligns with existing laws and business norms; 
 * employs well-established makes use of long-established instruments of commerce; and, 
 * features uncomplicated accession, verification, operation, expansion and termination.  

 The Principles of International Commercial Contracts are published by the International Institute for the Unification of Private Law / L'Institut international pour l'unification du droit privé (UNIDROIT). Article 4.1 (Intention of the parties) states that "(1) A contract shall be interpreted according to the common intention of the parties. (2) If such an intention cannot be established, the contract shall be interpreted according to the meaning that reasonable persons of the same kind as the parties would give to it in the same circumstances."  

 ##    Relationship 

 The PCP Certified Currency Specification describes a decentralized distributed contractual relationship among Signatories: 
 * Each participant signs an “Accession Letter of Agreement” to a referenced version of the Primary PCP Certified Currency Framework Specification in order to establish a decentralized, distributed, peer-to-peer contractual relationship with all other Signatories of equivalent Accession Letters of Agreement that reference referencing the same version of the Framework. Specification. The resulting contractual relationship among Signatories has no central or primary entity or individual.  
 * Each Signatory is entitled to vote in elections for Steering Committee members. There shall be a minimum of three active Steering Committee members. 
 * The Steering Committee has enforceable authority ONLY within the contractual and operational scope of the version of the Primary PCP Certified Currency Framework that is Specification referenced in the active Signatory’s current Accession Letters. 
 Letter, the Steering Committee has enforceable authority.  
 * Steering Committee decisions are determined by "working consensus" (i.e. vote results may include "accepted" or "abstained", but none are "opposed"). In cases where a working consensus cannot be reached, the Signatories    convene and provide delegates to a meeting (in-person or online) to discuss and resolve the matter.  
 * The Steering Committee may request that one or more individuals serve as ‘Coordinator(s)’. This role carries no enforceable management authority over the Signatories, Signatories or their assets.   

 The Primary PCP Certified Currency Framework describes Specification outlines a non-restrictive, and non-exclusive arrangement:  
 * An Accession Letter to the Primary PCP Certified Currency Framework Specification does not restrict the Signatory, their companies or partners or clients or relatives from offering or engaging similar services, or derivative service types, or supplementary services under other titles outside the scope of this agreement. However Only the name "Primary names "Currency Certification for Term Contracts” and “ERA Certified Currency” is Currency Specification" are reserved for reference to successive versions of this Framework specification and its implementations. 
 * Participation in a Primary group of PCP Certified Currency Framework contract does not impinge on the prerogatives or responsibilities of any Signatory in relation to pursue any other formal or informal contract or process.  
 * No Accession Letter to the Primary PCP Certified Currency Framework Specification restricts extension of the agreement to additional participants, however with a written explanation, the Steering Committee may decline or terminate any Accession Letter and therefore return the stored currency to that Signatory. Letter.  
 * Other than within the contractual terms No Signatory of the an Accession Letter of Agreement, no Signatory to the PCP Certified Currency Specification acquires any liability or authority in relation to any other Signatory of another Accession Letter to the Primary PCP Certified Currency Framework. Specification.  

 ##    The PCP Certified Currency Method for Pricing and Payments Resilience 

 ###    Primary PCP Certified Currency Warehouses 

 * The PCP Certified Currency Steering Committee determines and oversees implementations of arranges the security model, operations model, user fee structure, audit model, and maximum amount of risk tolerance for storing cash in Primary the PCP Certified Currency Warehouses. 
 * The Steering Committee is accountable to ensure an free, fair and competitive market for operators of Primary Certified Currency Warehouses. 
 * The storage service fees MUST be administered in relation to declared operational costs, and without linkage to the worth or ownership profile of the stored currency bills. All paper or polymer currency physically stored in a Primary Certified Currency Warehouse is contractually deemed to be “restricted cash” that MUST NOT mingle and MUST NOT be leveraged by or for operational requirements.  
 ** https://www.wallstreetmojo.com/restricted-cash/ 
 ** https://simplestudies.com/what-is-restricted-cash.html 
 * Signatories may store government-issued paper or polymer currency in denominations specified by the Steering Committee (e.g. $10 bills; $20 bills; $50 bills; $100 bills) in Primary PCP Certified Currency Cash Warehouses.  
 * Each warehouse operates a currency sorting method with serial number recognition, counterfeit detection, and multi-currency capability (example: https://financialequipmentcompany.com/product/gd-bps-c4-15a-currency-sorter-with-air-assist/).  
 * Primary PCP Certified Currency Warehouses accept ONLY bills that meet at least the quality standard PMG 65 EPG (Paper Money Guaranty / Exceptional Paper Quality; https://www.pmgnotes.com/about/about-pmg).  
 This ensure that automated management systems may be used when required.   
 * The Operator of an Primary PCP Certified Currency Warehouse stores physical its holdings of paper or polymer currency bills in the alphanumeric order of their serial numbers, and provides support for prompt and easy on-site inspection.  
 * Any Signatory to the Primary PCP Certified Currency Framework, Specification, and any jurisdictional regulator, may send a notary, accountant or lawyer to verify the physical existence of any particular bill(s) in the Primary PCP Certified Currency warehouse, without appointment but with recognized proven credentials, at any time during regular business hours customary within of the municipality where the warehouse is situated.  

 if located.  
 * All bills stored in an PCP Certified Currency Warehouse are “Restricted Cash”.  
 ** https://www.wallstreetmojo.com/restricted-cash/ 
 ** https://simplestudies.com/what-is-restricted-cash.html 

 ###    Certification of Paper or Polymer Currency Existence 

 Except as specified in a “Variance Variances to the Primary PCP Certified Currency Framework” Specification, documented and signed by the Steering Committee, Committee and promptly posted online (e.g. via the Steering Committee’s official Web site and messaging networks): provided to Signatories: 
 * Each Primary The PCP Certified Currency Warehouse Receipt shall conform with: 
 ** The with the UNCITRAL Model Law on Warehouse Receipts (MLWR), or if that is not yet published, then it shall confirm with: with the most recent UNIDROIT recommendations for the MLWR (2022) https://www.unidroit.org/wp-content/uploads/2022/03/Study-LXXXIII-W.G.4-Doc.-3-Preliminary-Draft-Model-Law.pdf  
 https://www.unidroit.org/work-in-progress/model-law-on-warehouse-receipts/  
 ** The most recent UNCITRAL Model Law on Electronic Transferable Records (MLETR) https://uncitral.un.org/en/texts/ecommerce/modellaw/electronic_transferable_records. 
 * The Primary PCP Certified Currency Ownership Registry shall conform with the UNIDROIT Guide on Best Practices for Electronic Collateral Registries (2021) https://ctcap.org/wp-content/uploads/2021/09/BPER-Guide-9-September-Web-Copy.pdf.  

 When a Signatory to the Primary PCP Certified Currency Framework Specification places a paper or polymer currency bill for storage into a Primary PCP Certified Currency Warehouse, the Operator of the warehouse immediately:  
 * ** Issues to the owner an a paper and/or electronic Primary PCP Certified Currency Warehouse Receipt with that records the serial number of the deposited paper or polymer currency bill, along with the identity and contact details of the current owner of the stored bill; and, 
 * bill.  
 ** Updates the Primary PCP Certified Currency Registry which relates the serial number of the deposited paper or polymer currency bill to the identity and contact details of the current owner of the stored bill.  

 At any time time, for any reason, the owner of PCP Certified Currency may transfer ownership of any paper or polymer currency bill that is stored in a Primary PCP Certified Currency Warehouse may autonomously transfer ownership to another individual or entity Warehouse, by completing both of the following two actions:  
 * Assign and give full physical possession of the corresponding Primary PCP Certified Currency Warehouse Receipt to another the new owner who must also be a Signatory of an Accession Letter to the Primary PCP Certified Currency Framework referencing the same or a more recent version of the framework, with the identity and contact details of the new owner of the particular currency bill; Specification; 
 * Validate that the Primary PCP Certified Currency Registry is updated with the identity and contact details of the new owner of the corresponding currency bill. particular bill stored in the PCP Certified Currency Warehouse.  

 Any apparent ownership data discrepancy between a Primary an PCP Certified Currency Warehouse Receipt and the Primary PCP Certified Currency Registry shall be: 
 * Immediately be immediately documented for all Signatories via the Steering Committee’s official Web site Signatories, and messaging networks; and, 
 * Promptly promptly resolved under by the Steering Committee accountability and oversight. Committee. 

 ###    Certification of Currency Worth 

 The Primary PCP Certified Currency Framework Specification describes a method to help manage risk from pricing and payment factors that erode contractual intent and market integrity.  

 When Signatories to the PCP Certified Currency Specification express contract price and payment amounts in any PCP Certified Currency, this signifies that the intended real worth expressed though price shall be dynamically anchored to the PCP Index. 

 Article 5.1.7 (Comment 4) of the UNIDROIT Principles of International Commercial Contracts states: "In some situations the price is to be fixed by reference to external factors, typically a published index, or quotations on a commodity exchange”.   

 When Signatories to the ###    Primary Certified Currency Framework express contract price and payment amounts in any Primary Certified Currency, this signifies that Commodity Producers’ Index, Version 0.1.0 

 An experimental version 0.1.0 of the intended real worth expressed PCP Index begins with money though price shall be dynamically anchored to the Earth Reserve Index of Primary Productive Capacity (variance from empirically validated optimal productivity): 
 following factors that affect Western Canadian grain production: 

 * Cash Prices for Wheat, Oat, Barley, Rye, Flax, Canola, Soy, Pea, Corn, Sunflower, Rice 

 Sources: https://www.grainscanada.gc.ca/en/grain-research/statistics/grain-statistics-weekly/  

 Background: https://www.pdqinfo.ca/about/procedures  


 * Prices for Farm Machinery 

 Sources:  
 https://fred.stlouisfed.org/series/PCU333111333111  
 https://fred.stlouisfed.org/series/PCU333111333111C 


 * Soil Moisture 
 * Summer Season NDVI (Actual Variance from Model Optimal) 

 Data Sources:  
 https://landsat.gsfc.nasa.gov/data/    
 https://sentinel.esa.int/web/sentinel/home  

 Background: https://www.spiedigitallibrary.org/journals/SPIE-Reviews/volume-2/issue-1/028001/Review-and-evaluation-of-remote-sensing-methods-for-soil-moisture/10.1117/1.3534910.full?SSO=1  

 ##    Effective Dates of Accession Letters of Agreement  

 This Primary PCP Certified Currency Framework Specification represents the understanding of each Signatory as of the date of their respective Accession Letter of Agreement, specifying a particular version number. 

 In recognition of the mutual dependencies of this initiative, each Signatory agrees to give 90 days written notice to the Primary PCP Certified Currency Steering Committee of their intention to withdraw. Any contractual obligations that the Signatories have autonomously undertaken in relation to the present Framework Specification will be concluded as early as deemed practicable, in communication with the Steering Committee.  

 The Primary PCP Certified Currency Framework Specification is in effect with a minimum of two active Accession Letters of Agreement (including post-notification periods).  

 ______________ 
 Notes:  
 [1] For example, price drift and volatility interfere with Western Canadian grain markets: 
 * Cash Prices for Wheat, Oat, Barley, Rye, Flax, Canola, Soy, Pea, Corn, Sunflower, Rice 
 https://www.grainscanada.gc.ca/en/grain-research/statistics/grain-statistics-weekly/  
 https://www.pdqinfo.ca/about/procedures  
 * Prices for Farm Machinery 
 https://fred.stlouisfed.org/series/PCU333111333111  
 https://fred.stlouisfed.org/series/PCU333111333111C 

  


 ##    Template for Accession Letters of Agreement to the Primary PCP Certified Currency Framework Specification 

 [ _This _Note: This template text constitutes an integral part of the Primary PCP Certified Currency Framework. Specification. Please do not include this note in an Accession Letter of Agreement._ ] 

 *Accession Letter of Agreement*  
 *Between*  
 XXXXXXXXX  
 *and*  
 *All Other Signatories of Accession Letters of Agreement to the Primary PCP Certified Currency Framework* Specification* 
 
 This Agreement applies to +Primary +PCP Certified Currency Framework, Specification, Version No. 0.1.1+ 0.1.0+  

 ###    Mutual Agreement 

 MUTUAL AGREEMENT  

 In exchange for the benefits that participation in the Primary PCP Certified Currency Framework, Specification, the Signatory agrees to the user fees established by the Steering Committee. Commitee.  

 The undersigned acknowledges mutual dependencies among all Signatories of Accession Letters to the Primary PCP Certified Currency Framework, Specification, and commits to the following terms regarding participation and termination:  

 1. The undersigned's participation in the Primary PCP Certified Currency Framework Specification can be accepted as well as terminated by a working consensus vote amongst all other current Signatories. For an acceptance and termination vote to apply, it must be "agreed to" or "abstained from" by all other current members, and not "opposed" by any. Termination by the Steering Committee of an existing Accession Letter of Agreement requires at least 3 months advance written notice from (or on behalf) of the Steering Committee.  

 2. The undersigned will provide at least 30 days notice month written notice to the Primary PCP Certified Currency Steering Committee before terminating their Accession Letter..  
 +The undersigned+:  
 * Attests to holding the prerogative to enter into agreements or contracts;  
 * Has reviewed and understood the above-noted version of the "Primary "PCP Certified Currency Framework Specification  
 * Has determined that use of the systems, services and/or infrastructure of the Primary PCP Certified Currency Framework Specification enables their team or community to accomplish their objectives more effectively, at lower cost and/or with stronger risk management, than is otherwise currently feasible.  

 ###   

 This Accession Letter of Agreement expresses the intentions of the Undersigned on the date of the most recent update..  

 Signatory's Name: XXXXXX  
 Organization Name (if relevant): XXXXXX  
 Municipal Address:  
  XXXXXX  
  XXXXXX  
  XXXXXX  
 Mobile Phone: XXXXXX  
 Email: XXXXXX  

 ###    +The following fields are to be completed ONLY by a person authorized by the Primary PCP Certified Currency Steering Committee.+  
 
 The Undersigned attests that the Primary PCP Certified Currency Steering Committee has, through a "working consensus" vote as defined in the Framework, Specification, recognizes this Accession Letter of Agreement.  
 
 Authorized Representative's Name:  
 Date:    XXXXXX 
 Mobile Phone: XXXXXX  
 Email: XXXXXX