A National Equity would create a National Dividend, and while this could be paid out in fiat pounds, I think we might see Units redeemable in payment for energy (an energy dividend) - acceptable anywhere - and Units redeemable in payment for land rentals, which would by definition be geographically constrained.

National Equity would replace the greater part of the National Debt which relates to the credit tied up in secured loans (mainly mortgage loans) and in conventional equity.

The only remaining National Debt would be that credit = time to pay necessary for the circulation of goods and services and the creation of new productive assets.

Once complete, the use value of productive assets may be 'unitised', and the development credit recycled, simply through the creation and issue of redeemable Units, and these units of 'money's worth' would circulate within a credit clearing union.

"Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky