Business

Facebook's Zuckerberg open to scaling back Libra plan

Facebook chief executive Mark Zuckerberg opened the door Wednesday to scaling back plans for the company's digital coin Libra if it cannot win approval as a new currency for global exchanges.

Business

G7 countries seeking common stance on Facebook's Libra

Facebook's controversial plans for a new digital currency will again come under scrutiny of finance officials from Group of Seven economies Thursday, who worry it undermines their hold over the global financial system.

Business

China wants centralised digital currency after bitcoin crackdown

As Facebook readies to launch its answer to bitcoin, China is set to introduce its own digital currency—one that could allow the government and the central bank to see what people spend their money on, according to analysts.

Business

Group behind Facebook's Libra coin push meet in Geneva

The Libra Association, created by Facebook to launch its new cryptocurrency, kicked off its first council meeting in Geneva on Monday, despite defections by previous supporters like Visa and Mastercard.

Business

French retailers widening crypto acceptance

French retailers are gradually widening acceptance of payments in crypto currencies, a group of companies said Tuesday on the sidelines of Paris Retail Week.

page 2 from 4

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