Whether digital notes and coins will be successfully developed remains dubious. Others simply get traded for their economic value.ĭigital currency has arisen with the popularity of computers and the Internet.
Some currencies function as legal tender in certain political jurisdictions. the government's physical metal reserves). One can classify currencies into three monetary systems: fiat money, commodity money, and representative money, depending on what guarantees a currency's value (the economy at large vs. This article uses the definition which focuses on the currency systems of countries. Other definitions of the term "currency" appear in the respective synonymous articles: banknote, coin, and money. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. dollars (US$), euros (€), Indian rupee (₹), Japanese yen (¥), and pounds sterling (£) are examples of currencies. Ī more general definition is that a currency is a system of money (monetary units) in common use, especially for people in a nation. A currency in the most specific sense is money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins.
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