Universal Basic Income

We are living in unprecedented times: Covid-19 virus has rapidly spread all over the world, has undermined the foundations of the world economy, endangering the well-being of our society.

Throughout the world, businesses have suffered serious losses, people have lost their jobs, the self-employed cannot find clients; mortgage payments not being paid, savings running out, rent not being paid. Countries in which the vast majority of the population works in the private sector have been particularly hard hit, because people have practically no social protection and must only rely on their own earnings.

The economic system can function properly only in conditions of continuous movement, but now it is stopping. Without the decisive governments intervention, a huge number of people will suffer: enterprises will close, unemployment will rise sharply, a sharp recession will begin in the economy, and possibly even the second Great Depression.

And just as pandemics cannot be combated with conventional health measures, economic collapse requires more effective solutions than traditional anti-crisis tools.

At this difficult period, in time of crisis, Basic Income Foundation has decided to introduce an extraordinary universal basic income for residents of developing countries. We want to increase the income of ordinary people so that each of them has more funds for their normal life activities. This is our contribution to the international community’s collective efforts to combat the crisis.

Partial basic income is introduced at the start. Under the foundation’s program, a participating recipient will receive up to 5% of the minimum salary in the country where the program operates.
However, in the future, after testing the accrual process and with the expansion of the foundation, it is planned to move to a model of unconditional basic income and payment of a minimum amount in absolute terms to each participant in the fund, for example, from 50 to 100 US dollars.

Please keep in mind that at the first stage, not everyone will be able to qualify for an unconditional basic income. To qualify for the foundation’s program, you must actively participate in the project and contribute in any way you can, whether by active or moderate participation in activities to promote the foundation. With the bonuses accumulated for this contribution, a person can claim the status of an active participant and, accordingly, a monthly basic income.

The final basic income amount will be determined by the testing stage results.

We believe that universal (unconditional) basic income programs from private institutions, without waiting for universal adoption at the state level, will play an important role in the emergency response to the economic crisis, and we hope that this will help many people in need around the world.


Basic Income Foundation
(BINCOME)

MAIN PRINCIPLES AND RULES

BINCOME Mission

Basic Income Foundation (hereinafter referred to as BINCOME) is a non-profit charitable organization created to financial assistance its participants by accruing a Universal Basic Income (UBI) during times of economic instability.

BINCOME assets include funds generated from contributions specifically allocated to fund its activities and from other resources, including fiat and crypto assets, securities, as well as movable and immovable property.

BINCOME performs one main function: Providing financial assistance to its participants on a perpetual, irrevocable and gratuitous basis by accruing and paying out to their bank accounts, electronic and blockchain wallets.

Participation in BINCOME

  1. Any person who wishes to participate in its activities can be a BINCOME participant.
  2. To receive assistance, the participant must express a desire and take part in the foundation’s program.
  3. The funds received as financial aid can be used by the participant at his own discretion.
  4. The basic income is paid in US dollars, the national currencies of the countries where the foundation’s program operates, in Bitcoin, Ethereum and other cryptocurrencies, as well as in BINC tokens (the foundation’s native cryptocurrency).
  5. Any participant, if desired, can popularize the activities of BINCOME at the level of their country, state, province, city, district, etc. Such participants contributing to the successful development and activities of BINCOME through posting links, publishing posts on their social media pages, creating video materials , conducting personal communication, performing administrative activities, etc. can receive rewards in the form of special BONUS, which can be converted to basic income at a rate of 1:1.

BINCOME Governing Bodies

  1. BINCOME participants form the BINCOME governing bodies, consisting of the Supervisory Board and the Executive Committee.
  2. The Supervisory Board is formed by voting for the candidates who nominated themselves to BINCOME Board.
  3. The Supervisory Board members elect BINCOME Executive Committee that performs day-to-day activities of the BINCOME related to the accrual of basic income to its participants.

When voting for candidates to the governing bodies, votes are taken into account in proportion to the volume of BINC on the Stellar addresses of BINCOME participants. The decision is made by a simple majority of votes.

Powers of the Supervisory Board

The Supervisory Board is the supreme governing body of BINCOME and has the right to:

  1. Reject any initiative of the Executive Board
  2. Inspect the work of the Executive Board

A member of the Supervisory Board may also be a member of the Executive Committee.

Powers of the Executive Committee

The Executive Committee is a single permanent executive, administrative and coordinating body of BINCOME.

The Executive Committee organizes the work of BINCOME and takes the following measures to ensure its financial efficiency:

  1. Develops principles for encouraging participants who take an active part in BINCOME activities
  2. Invests surplus funds of BINCOME in order to increase their value in the most efficient way
  3. Ensures the accrual and payment of financial assistance to the BINCOME participants
  4. Deals with other matters relating to BINCOME management.

Members of the Executive and Supervisory Boards receive remuneration that directly depends on the financial performance of BINCOME, which, in turn, depends on the effectiveness of BINCOME management bodies activities.

Financial indicators are determined by the amount of financial assistance accrued to the BINCOME participants (the more assistance provided, the higher the remuneration of BINCOME management bodies).

Election Commission

  1. The election commission is appointed from among the most active BINCOME participants by open voting. The Electoral Commission reviews candidates for eligibility and approves or rejects nominated candidates.
  2. The Election Commission is an ad-hoc body formed, if necessary, only for electoral periods.

Formal aspects

  1. The Supervisory Board and the Executive Committee take decisions by voting.
  2. At each meeting, the governing body members shall elect the Chairman by a simple majority of votes.
  3. At the first general meeting, a Secretary shall be appointed to formalize the meetings results.
  4. The meeting is competent to make decisions if attended by a qualified majority of the Board or Committee members (75%).
  5. The decision is considered adopted if more than half of those present at the meeting has voted for it.
  6. Any discrepancies in the Principles and Rules relating to BINCOME are subject to interpretation by developing consensus among the Supervisory Board members.

BINCOME has the right to establish structural divisions (representative offices) based on the territorial basis: for countries, states / provinces / provinces, cities, districts, streets, and so on:

  1. Each country, represented by a representative office, elects its national director, as well as heads of representative offices of states, provinces, cities, districts, streets…
  2. Structural unit heads are entitled to remuneration. The size and type of remuneration depend on the performance of the structural unit head activities.
  3. In accordance with clause 2, it shall be proposed to BINCOME Supervisory Board to determine the amount of remuneration and minimum social security packages for BINCOME national representatives.

The remuneration and the minimum social security package for the director of the country level BINCOME representative office may, but not necessarily, include:

a. apartment (rent);

b. car (rent);

c. medical insurance;

d. pension/insurance package.

e. wages in the amount of at least 100% of the average monthly wage in the country of residence (at least 200–1000 US dollars per month, depending on the country).

The funds for remuneration and minimum social package for the representative office director are taken from BINCOME funds based on the amount of an assistance provided in the respective country — the more assistance is provided, the more remuneration and the size of the social package the director of the representative office can count on.

  1. The regional corporate structure (country/province/city/district/street) shall be formed in accordance with the laws and traditions of the countries participating in BINCOME.
  2. Country Directors are elected by the BINCOME members in the respective country and approved by the BINCOME Supervisory Board.
  3. The representative offices directors determine the structure of the subordinate units in their country, as well as the minimum amount of remuneration for the subordinate executive bodies (at the state-province/city/district/street level).

Only Basic Income Foundation participant can be BINCOME representative office director. Simultaneously, the representative office director shall be one of BINCOME directors, representing and protecting his country’s interests in BINCOME.

What does BINCOME representative office director receive:

In addition to remuneration for their work in BINCOME and a social package, the BINCOME director has the right to receive additional remuneration in the amount of 2% of the basic income amount accrued to all participants based in his country. 

An annual bonus based on the performance of BINCOME representative office, depending on its actual performance.

Deprivation of powers

  1. Every member of the Supervisory Board is obliged to raise the issue of the deprivation of powers of any Executive Committee or Supervisory Board member, if there are reasonable suspicions that they uses their powers for purely personal purposes, and not in the interests of the members of BINCOME (conflict of interest).
  2. When considering a conflict of interests, BINCOME managing member, whose deprivation is being considered, cannot participate in voting.

BINCOME invites all interested parties to consider any programs of mutually beneficial cooperation: We are interested in attracting new consultants for countries and other local territorial entities.

 

We are grateful to the participants who prepared this draft of the fund’s rules and principles — BIG THANKS!!!

 

Action Team

Basic Income Foundation (BINCOME)®

8 The Green Suite B, Dover, DE, US





[email protected]

+19548067262