Juclandia’s Council of Ministers adopted today a draft law that will replace the country’s national currency, the leu (JŁ) with the digital-based avo (₳ or simply A/.). The new currency will officially enter circulation on 1 July 2018.
The project is part of a wider effort of the Gori Jucărescu-led Council of Ministers (re-elected in December 2017) to implement an ambitious digital agenda that aims to transform the country’s economy, politics, and society. The aim is to reduce paperwork, ease transactions and improve the country’s services by relying on online services and AI.
The reforms add a new dimension to the digital path taken by Juclandia in 2015, with the introduction of the Landlink intranet service, the media reforms, and the Constitutional reform of August 2017, which introduced internet and digital-related human rights, as well as the right to free Internet and the possibility to adopt a constitutional Charter of Online Rights.
The new currency, the avo (plural avos), is intended to exist solely as a digital currency, with no banknotes to be printed or traded by the National Bank of Juclandia. The avo will also exist in a dual form – a national avo, and a convertible avo, in which foreign transactions will be denominated at an exchange rate of 10 A/. for 1 euro. The euro has already replaced the Romanian leu as the hard currency of choice of Juclandians since December 2017.
The new currency will use the interbank payments system implemented by the Government in 2016, the SNEP (National Electronic Payments System). With the introduction of the new currency in the SNEP, the system itself will be upgraded to a new version, Braun Novac, the Finance Minister, announced.
Accounts denominated in Juclandian lei will be automatically converted to avos at a rate of 5:1. Those still holding cash can convert it for an online account at the offices of the National Bank of Juclandia in Jucărești until 1 September 2018.