Digital Currencies, Role and Functions

The PECU (Penn Economic Currency Units) are digital currencies developed, controlled, and managed by The Kingdom of St. Penn via the Pure Trust and our Government. The term “Central Bank Digital Currency” (CBDC) means fiat currency issued in a digital format by a central bank, and as of October 2021, 7 countries have embraced this form of currency, with Nigeria being the first country outside of the Caribbean to do so. As the decline of cash prevails, central banks throughout the world are considering the use of digital currencies. Indeed 87 out of 90 countries have stated that the same is under review. 

Our fiat based digital currency will be issued and overseen by KSP’s central bank, making us the first “digital” central bank in the world, with its’ own digital/fiat currency. This enables our approach to be seamless, as there are no requirements for conversion from paper money and coins.

Consequently, we are forging the way ahead with the introduction of PECU, which initially will have two denominations. All currencies are tracked (not pegged) to the Pound Sterling £GBP, giving us the flexibility in times of financial crisis around the world, to track other currencies that benefit us or to stand independently. The currencies being issued now, are as follows: