Caribbean gets smart to cope with hurricanes

After monster Hurricane Irma annihilated the farm sector of Barbuda in 2017, growers got smart: among other changes, they moved their crops to higher ground.

Zimbabwe's capital runs dry as taps cut off for 2M people

The more than 2 million residents of Zimbabwe's capital and surrounding towns are now without water after authorities shut down the city's main treatment plant, raising new fears about disease after a recent cholera outbreak ...

US central bank to study Facebook virtual currency

The US Federal Reserve has created a "working group" that is coordinating with government agencies and other central banks to consider the implications of Facebook's planned virtual currency Libra, chairman Jerome Powell ...

Cyber attacks cost $45 bn in 2018 as ransomware hits hard

An estimated two million cyber attacks in 2018 resulted in more than $45 billion in losses worldwide as local governments struggled to cope with ransomware and other malicious incidents, a study showed Tuesday.

Is Bitcoin the new gold standard or another fiat?

A statistical analysis of volatility in cryptocurrencies has been carried out using a news impact curve. The analysis provides empirical evidence that could help economists decide whether these modern digital currencies are ...

Facebook's Libra might be the best bet for cryptocurrency

Facebook's recent announcement of plans to launch a new digital currency called Libra was met with a skeptical or even alarmed response from lawmakers, regulators and leaders of foreign governments concerned about the impact ...

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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