Substitute RV Program

[Camdoc]

https://docs.google.com/document/d/1WKwYF_TofnAPWJFNb53YY6jDudXCKDh6bZ3pFUr-hS4/edit?usp=sharing

Substitute RV Program.

Proposal:
If GGT is funded prior to the release of the RV, GGT is willing to purchase part or all of the currency of Dinarian currency holders in need.

Assumptions:
GGT is waiting for payment for a currency sale.
We were told that it will be funded the last week of April. It is not here yet.
This sale is independent from the release of the RV.
Many currency holders are expecting the release of the RV at any moment.
Many currency holders are in desperate need of financial relief.
Many currency holders are very anxious to start their humanitarian projects.
GGT may get paid before the RV is released.
Currency purchase in US requires a currency dealer’s license.

Conditions:
Minimum amounts of currency can be purchased at an anticipated price from non-qualified currency holders.
More currency will be purchased from approved currency sellers.
Qualifying application will be available online.
If possible, we will use a licensed currency dealer to purchase currency for us.
We will then purchase the currency from the dealer at an anticipated price.
KYC information will be included in the application


Plan:
If possible, an arrangement will be arranged with a licensed currency dealer to handle currency purchases for GGT for a limited period of time, such as 3-4 months.

The currency dealer will purchase dinar and dong currency from dinar holders at a price chosen to be representative of a post-RV (revaluation) price. GGT will subsequently purchase that currency from the dealer, and pay to have it stored in the dealer’s vault until it is later redeemed at a bank, or sold to this or another dealer after revaluation.

Banking:
A bank is contracted for creating bank accounts in which to deposit the seller’s money after the sale. This bank will likely be an offshore bank, for ease of banking transactions.

A debit card capability will be obtained, so that a card can be issued for each seller account. The cards will preferably be processed by the currency dealer, but a card fulfilment center can be created in a location such as Panama, where banks and financial centers are plentiful, and there is likely to be less prohibitive regulations.

Software:
A website is built which accepts 2-sided scans of currency or photos from cameras or cellphones. It also has forms to submit Know Your Client information, and project descriptions.



Process: A dinar holder contacts the buyer via website. He selects the currency type and size that he wants to sell. He fills in the KYC information, and if he wants to sell more than a single note, he fills in a description of the project he is going to fund.

Project descriptions are optional, but enables the seller to qualify to sell more dinars. One 25K dinar note, for example, should be sufficient to get most clients out of immediate financial distress. Other needs can be addressed as needed.

The seller scans the front and back of one of his currency notes and sends it along with his information to the buyer. The buyer reviews the information. If the information is satisfactory, the buyer accepts it and authorizes a loan to the seller, backed by the collateral of the scanned note.

The buyer then creates a bank account for the seller and deposits the funds for the loan into the account. He creates a debit card linked to the bank account, and sends it to the seller by express courier. The seller receives the card and can immediately start to use his loan money.

At some point in the next 2 weeks, the seller sends the collateral currency note to the currency buyer-dealer. The currency dealer examines the note for authenticity, and credits the seller’s account with the value of the currency. The loan is therefore paid in full, and account then has the balance of the money from the note.

If the seller wishes to have a wire transfer of funds from his account instead of using the debit card, that is arranged with the bank.

If the seller is approved as a project funder, he can repeat the process at will. If the dealer is willing, it could be arranged to have sellers visit the dealer’s place of business by appointment and exchange larger quantities of currency. The proceeds of the sale can be wired directly into an existing bank account at that time.

This program will not be available until GGTrust has been funded, and 2 weeks have passed to allow for time to set this program up.

Participate in the design of this program by sharing your comments at the link below:
Sharing link: https://docs.google.com/document/d/1...it?usp=sharing

[Camdoc]

FAQs:

Why are you doing this?
We know what it is to have millions of dinar and no money for food. We know what it is like to have dozens of projects to fund, and no money to start them. We feel that we have been given a very special opportunity to help the world by kick-starting your projects. That will make a lot of difference in the world. And you may smile when you see the GGTrust name popping up all over the world!

What if the loan recipient doesn’t send in his currency?
The seller will be reminded. If he chooses not to pay off the loan with his currency, he will lose all further opportunities to work with GGTrust, and his name will be added to a list of untrustworthy people, which will be provided to associates of GGTrust. We really don’t need the money. But we don’t want to deal with crooked people, either.

How often can the seller sell a note?
The seller will probably choose to wait until he is funded by the first note, to make sure that the system really works for him. After that, he can send in notes daily, and the value of the notes will be added to his bank account.

What if the seller wants to sell all of his notes?
Once he is approved to do so, he will be authorized to make an appointment with the currency dealer to sell his currency.
Or he can just send the notes in one at a time, or in bulk. We will set that up with you.

What if I don’t want to use an offshore bank?
Ask the bank to wire your money to your US bank.

Why are you using a foreign bank?
US banking regulations are likely to prohibit this kind of a transaction, especially the credit card part. We therefore choose to use an offshore bank, which will also allow you to have access to a non-US pre-loaded debit card.
USA has removed funds from USA bank accounts in the past in cases regarding currency sales. Using a non-USA bank account will prevent that from happening to the sellers.

What currency dealer will you use?
We have some in mind, but that is yet to be determined.

What do I have to do to qualify to sell my currency?
You need to show us what good and useful thing(s) you are going to do with your currency. Send us a business plan, an executive summary, or a well thought out idea. We do not want to fund bad ideas, bad projects and greed.

What price will you use to buy my currency?
To be determined. Consider that it will be in the range of high rates that you have heard for international rates, but not the Contract Rates you may have heard.

What currencies will you purchase?
We intend to purchase Vietnamese Dong and Iraqi Dinar.

Why won’t you buy my Zimbabwe dollars?
We think that the Zim have a potential value much higher than we can provide for you. It would be doing you a disservice for us to buy your Zim!

Is this just for Dinarians located in the USA?
No, any dinarian can use it.

Can I buy more currency with my currency loan/sale money?
Fine with us. Unless there is some kind of currency regulation we do not know about now. As Yosef said, find out how much money feels good to your heart, and go after that much. That is what this is all about.

Should I insure my dinar when I ship them to you?
That is up to you, but it might be a good idea, and might insure that they got special care and arrive as expected. I am sure that you cannot insure for the actual post-RV sale value, however.

What if I don’t want to give you my personal information?
We totally understand, but there is an international banking law which requires the bank to have certain basic information about you. This is called the Know Your Customer of KYC information. You can’t get a bank account in an internationally compliant bank without it. And they can’ give you a debit card without it, either. You might want to explore the face to face visit to the dealer, in that case.

What if I don’t have a project, but I need to sell you more than one note? Like, I need to redeem my house before they evict me!
Sounds like a good project to us! Give us some details, some files that tell us you are not making this up, and how much you need. We will authorize you to sell us at least that much.

[Camdoc]

This program has been modified to exclude project funding. Please watch for the coming Project Funding Program.
This program has been modified to limit the number of times dinarians can sell currency.

Substitute RV Program

https://docs.google.com/document/d/1WKwYF_TofnAPWJFNb53YY6jDudXCKDh6bZ3pFUr-hS4/edit?usp=sharing

[Camdoc]

At the risk of sounding like Zap, I will say that the transaction is underway this week, and we expect to be funded next week. The currency purchases should begin by 2 weeks after that, so about 3 weeks from today, if the RV does not come before that time.

[Camdoc]

I know that it is a month late, but we were told yesterday that the deal was finally going thru, and that it should be done in "a few days". If no RV, we will get the program set up and running for you. Further information will be here.