Energy & Green Tech

How electric vehicles could fix the grid

Transportation is the single biggest source of greenhouse gas emissions in the United States, accounting for about a third of all emissions. We could quickly lower those emissions by electrifying vehicles, but there's just ...

Energy & Green Tech

Biden wants to cut into China's electric battery dominance

President Joe Biden highlighted his efforts to counter China's dominance of the electric battery market on Tuesday as he touted domestic efforts to mine and process lithium and rare metals necessary to create the technology ...

Business

Crypto, NFTs are rife with 'mountains' of fraud, IRS says

IRS criminal investigators see cryptocurrencies and nonfungible tokens as ripe for fraud, including money laundering, market manipulation and tax evasion—and even celebrities could get caught up in the agency's probes.

Business

India's cryptocurrency legislation: what we know

The Indian government wants to ban all private cryptocurrencies, with some exceptions, to pave the way for a digital money controlled by the central bank. But this may not be as drastic as it sounds.

Business

Modi warns bitcoin could 'spoil' young Indians

Indian Prime Minister Narendra Modi on Thursday warned that bitcoin presents a risk to younger generations, sounding a hawkish tone as his government prepares to introduce legislation to regulate cryptocurrencies.

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Money

Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value, and occasionally, a standard of deferred payment.

Nearly all contemporary money systems at the national level are fiat money systems. Fiat money is without value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the national boundaries of the country, for "all debts, public and private". By law, the refusal of a legal tender (offering) extinguishes the debt in the same way acceptance does. Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).

The money supply of a country is usually held to consist of currency (banknotes and coins) and 'deposit money' (the balance held in checking accounts and savings accounts). These demand deposits usually account for a much larger part of the money supply than currency. Deposit money is intangible and exists only in the form of various bank records. Despite being intangible, deposit money still performs the basic functions of money, as checks are generally accepted as a form of payment and as a means of transferring ownership of deposit money.

More generally, the term "price system" is sometimes used to refer to methods using commodity valuation or money accounting systems.

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