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The Money Portal

Euro coins and banknotes
A sample picture of a fictional ATM card. The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency.

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.

Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It 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 boundaries of the country, for "all debts, public and private".[better source needed] Counterfeit money can cause good money to lose its value.

The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries. (Full article...)

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In the news

7 January 2021 –
Australia's financial watchdog is reviewing calculations for transfers worth US$1.8 billion sent to the country from the Vatican since 2014, after the Vatican and the Australian Church call for clarification. The transfers ranged from yearly totals of A$71.6 million (US$55.2 million) in 2014 to A$581.3 million in 2017, with about 47,000 separate transfers. "That amount of money and that number of transfers did not leave the Vatican City", a senior Vatican official with knowledge of the city-state's finances told Reuters last week. (Reuters)
15 December 2020 – LGBT rights in Hungary
The National Assembly passes a number of changes to the Constitution of Hungary which bar same-sex couples from adopting children. The amendments also lowers the legal threshold for the government to declare a state of emergency, and further reduces the oversights the government is required to take with regard to the spending of public funds, which critics say will allow the government to use state money to benefit loyalists. (The New York Times)
14 December 2020 – North Korea–South Korea relations
South Korea bans the launching of propaganda leaflets into North Korea. The balloon propaganda campaigns have been used by North Korean defectors and Korean reunification activists for decades to spread anti-government propaganda, news from the outside world that is restricted in the North, money, food, and USBs containing South Korean media. The ban also outlaws the use of loudspeaker propaganda broadcasts. Violators of the ban will face up to three years in prison or 30 million won ($27,400) in fines. (Reuters)

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