Is China's social credit system coming to Australia?

Privacy was not a hot topic in the recent Australian election, but it should have been. This is because the City of Darwin is adapting elements of the Chinese social credit system for use in Australia. The Chinese system's ...

Karpeles: Bitcoin baron brought down with a bump

Once described as a geek who stuffed himself with snacks in front of his computer, Mark Karpeles rose to head a firm that once claimed to handle 80 percent of the world's bitcoin transactions.

Q&A: What is bitcoin?

Bitcoin has carved out a name for itself as the world's most popular cryptocurrency since arriving on the scene more than ten years ago.

Roblox, the game platform teaching young kids to code

With its Lego-like avatars and easy-to-learn coding for budding programmers, the online gaming app Roblox has cornered the market in younger gamers, with 80 million monthly users, many of them under 16.

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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