Business

FTX founder Bankman-Fried back in jail after hearing

Sam Bankman-Fried, wanted in the United States for fraud after the collapse of his FTX cryptocurrency group, remained in a Bahamas prison Monday after an abortive court hearing that was to consider his possible extradition.

Business

Bogus 'Bitcoin killer' cryptocurrency founder pleads guilty

A co-founder of the fraudulent cryptocurrency OneCoin, a pyramid scheme that conned billions of dollars from investors worldwide, pleaded guilty to wire fraud and money laundering charges, U.S. prosecutors said Friday.

Business

Crypto currency crashes recall 'wildcat' banking

Chenzi Xu feels like she's watching history repeat itself. The cryptocurrency exchange FTX recently went belly up, vaporizing billions in customers' deposits. A few months earlier, the Luna coin lost 99% of its value in one ...

Electronics & Semiconductors

Biden celebrates giant semiconductor project in Arizona

President Joe Biden flew Tuesday to Arizona to celebrate the mammoth expansion of a Taiwanese semiconductor plant, citing the project as proof that the United States is finally breaking dangerous dependency on foreign manufacturers ...

Business

Is the digital dollar coming soon?

The United States is considering issuing a digital dollar, which would be backed by the nation's central bank and could help reinforce the U.S. role as a leader in the world financial system. Several financial institutions, ...

Business

Salvadoran president vows to buy "one #Bitcoin every day'

President Nayib Bukele of El Salvador, the first country to make bitcoin legal tender, said Thursday the nation would buy one unit of the currency every day, doubling down in the face of public criticism of his embrace of ...

Business

Changpeng Zhao, the undisputed king of crypto

At parties, on stages and in meetings, Changpeng Zhao is rarely seen without his black polo shirt, emblazoned with the insignia of his crypto firm Binance.

Security

US charges Ukrainian 'Raccoon Infostealer' with cybercrimes

A Ukrainian man has been charged with computer fraud for allegedly infecting millions of computers with malware in a cybercrime operation known as "Raccoon Infostealer," the US Justice Department said Tuesday.

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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