Business

US encourages El Salvador to regulate use of bitcoin

A senior US State Department official met El Salvador President Nayib Bukele on Wednesday and recommended the regulation of bitcoin once it becomes legal tender in the Central American country from September.

Business

Why China is getting tough on crypto

Cryptocurrency prices have fluctuated wildly in recent weeks as China intensifies a crackdown on trading and mining operations.

Security

US recovers over half of ransom paid to pipeline hackers

The US Justice Department announced Monday that it had recovered more than half of the $4.4 million paid by Colonial Pipeline to Russia-based ransomware extortionists Darkside, who had forced the shutdown of a major fuel ...

Business

Markets ponder Musk role in cryptocurrency turbulence

First he loved them, then he doubted them, but is he manipulating them? Tesla boss Elon Musk's tweets about cryptocurrencies like bitcoin are annoying their devotees and raising eyebrows among market watchers.

Business

Economic downturn fueling Argentine crypto craze

Argentina's economic downturn, with high inflation, a deflating currency and a shortage of US dollars to invest in, has in fact proved a shot in the arm for one sector: cryptocurrency.

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Currency

In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply. The other part of a nation's money supply consists of bank deposits (sometimes called deposit money), ownership of which can be transferred by means of cheques, debit cards, or other forms of money transfer. Deposit money and currency are money in the sense that both are acceptable as a means of payment.

Money in the form of currency has predominated in human civilizations from about 10,000 BCE on. Usually (gold or silver) coins of intrinsic value (commodity money) have been the norm. However, nearly all contemporary money systems are based on fiat money – modern currency has value only by government order (fiat). Usually, the government declares the fiat currency (typically notes and coins issued by the central bank) to be legal tender, making it unlawful to not accept the fiat currency as a means of repayment for all debts, public and private.

This text uses material from Wikipedia, licensed under CC BY-SA