Computer Sciences

Cleaning up money laundering

Money laundering is big business but wholly illegal big business. It has an enormously negative impact on local, national, and international economies as well as providing the financial means to fund other criminal activities ...

Electronics & Semiconductors

France announces massive state aid to chips factory

France is plowing 2.9 billion euros ($3.1 billion) of public money into a factory to make microchips, officials said on Monday, heating up a global race for the lucrative market.

Energy & Green Tech

'War of the states': EV, chip makers lavished with subsidies

States are doling out more cash than ever to lure multibillion-dollar microchip, electric vehicle and battery factories, inspiring ever-more competition as they dig deeper into their pockets to attract big employers and capitalize ...

Business

Is 2023 where crypto will go to die?

After a nearly apocalyptic 2022 that saw the collapse of one of crypto's largest players, questions about the future of the nascent industry have been swirling at tornadic speeds.

Security

13 years in US prison for Ukrainian REvil hacker

A Ukrainian man was sentenced to more than 13 years in prison in Texas on Wednesday for his role in ransomware attacks by the notorious Russia-based REvil hacking group, the US Justice Department said.

Business

Binance to repatriate US customer funds as legal woes mount

Binance has agreed to repatriate its US customers' assets pending a massive lawsuit against the world's largest crypto exchange, the US Securities and Exchange Commission said Saturday, adding that it will secure the funds.

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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