. This backing is audited and a document as described below must be approved by the local chief and elders. CIC issuers that spend their CIC in the community must accept it back and are considered in debt until they do so. The following is an example of a statement of commitment and intention to develop a CIC which considers the requirement of having a minimum fiduciary collateral of 25% of the national currency. This percentage can differs of course in each community.
We [Admin Name] have decided on this date [date] to create a Community Inclusion Currency named: [CC Long Name] and abbreviated: [CIC Short name (5 letters max)]
The purpose of the CIC is in order to fulfill these goals: (eg.)
We have counted commitments from our members of goods and services listed below: