Business

Crypto firms say US sanctions limit use of privacy software

The Treasury Department is facing pushback from the cryptocurrency industry over sanctions imposed on a firm accused of helping to launder billions of dollars—with some funds going to North Korean hackers.

Business

US issues sanctions on a 2nd virtual currency mixing firm

The Treasury Department has imposed sanctions on virtual currency mixer Tornado Cash, which has allegedly helped to launder more than $7 billion worth of virtual currency since its creation in 2019.

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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