REDEMPTION

Central CRU Organization (“CRO”) redeems CRU to Cru at any time, on the Central CRU Organization Redemption Platform, at CRU redemption rate of Resource Mobilization Inc Receivables US$ 53.352184 at the time of redemption. The treasury department of CRO will update any changes to the CRU redemption rate from time to time on this website.

 

The Receivable value is as shown on the Receivables Exchange Page with an annual growth rate displayed on the Receivables Exchange Page of this website. 

  • You can exchange Cru for Receivables at any time in the market at prevailing Cru and Receivables market rates. 
  • You can only redeem Cru to Receivable at the fixed Cru redemption rate at CRO.   

To Redeem Cru to Receivables, contact us.

Throughout the history of money, specifically, when monetary systems used a commodity such as precious metals like silver and gold coins of standard weight and fineness or certificates, as both a currency and money, where the currency value was fixed to the value of the commodity, the currency was redeemable for a fixed value of the commodity (for example gold certificates of a certain value were redeemable for their equivalent value in gold bullion.

 

In 1944 the Bretton woods international monetary system was introduced, becoming fully operational in 1958 where countries across the world settled their international accounts in dollars that could be converted to gold at a fixed exchange rate of $35 per ounce, redeemable by the United States of America (“US”) government which was committed to backing every United States of America dollar (“Dollar”) overseas with gold, and other currencies were pegged to the dollar.  

 

The system appeared secure because the US-owned over half the world’s official gold reserves, 574 million ounces at the end of World War II. However, from 1950 to 1969 the US share of the world’s economic output dropped significantly, from 35% to 27%. Furthermore, a negative balance of payments, growing public debt incurred by the Vietnam War, and monetary inflation by the US Federal Reserve caused the dollar to become increasingly overvalued in the 1960s. In February 1965 President Charles de Gaulle of France announced his intention to exchange its US dollar reserves for gold at the official exchange rate. By 1966, non-US central banks held $14 billion, while the US had only $13.2 billion in the gold reserve. Of those reserves, only $3.2 billion was able to cover foreign holdings as the rest was covering domestic holdings. By 1971, the money supply had increased by 10%. In May 1971, West Germany left the Bretton Woods system, unwilling to revalue the Deutsche Mark. In the following three months, this move strengthened its economy. Simultaneously, the dollar dropped 7.5% against the Deutsche Mark. Other nations began to demand redemption of their dollars for gold. Switzerland redeemed $50 million in July. France acquired $191 million in gold. On August 5, 1971, the United States Congress released a report recommending devaluation of the dollar, in an effort to protect the dollar’s position as a pillar of monetary stability around the world. On August 9, 1971, as the dollar dropped in value against European currencies, Switzerland left the Bretton Woods system. The pressure began to intensify on the US to leave Bretton Woods.

 

On the 15th of August 1971, the US president, Richard Nixon, decided to break up Bretton Woods by announcing the following actions:-

 

  • The suspension, with certain exceptions, of the convertibility of the dollar into gold or other reserve assets, ordering the gold window to be closed such that foreign governments could no longer exchange their dollars for gold.
  • Issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. 
  • Imposition of an import surcharge of 10% to ensure that US products would not be at a disadvantage because of the expected fluctuation in exchange rates.

In March 1973, the fixed exchange rate system became a floating exchange rate system and the currency exchange rates no longer were governments’ principal means of administering the monetary policy, effectively ending the gold standard with pure fiat currencies became the global norm.

 

Unlike Fiat and Cryptocurrencies, Cru is redeemable to Receivables. It is this fact that Cru is redeemable that distinguishes Cru from Fiat and Cryptocurrencies.

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