Can cryptocurrencies unseat modern money?
The growing utilization of cryptocurrencies has led to fears that they may replace modern money as legal tender
May 26, 2021 / 11:57 AM IST
Modern state money is essentially a unit of account, fiat currency and legal tender. Examples of modern money would include, for example, the US, Canadian and the Australian dollar, the yen, the renminbi, the sterling pound and the Indian rupee. They are inconvertible into precious metals or foreign exchange at a fixed rate, prices of goods and services are generally expressed in these units, it is mandatory that all official books of accounts be maintained in these currency units...