AlgoDev on Nostr: Reasons why state money is still around today: 1. Governments prescribe that taxes ...
Reasons why state money is still around today:
1. Governments prescribe that taxes should be paid with it.
2. State control and regulation of the banking system, means that banks can only open accounts and conduct money transactions with state money.
3. Legal tender regulations in many countries make it illegal to use other forms of money for payment.
4. All state money is still backed by gold reserves or by currencies that are in turn backed by gold reserves.
1. Governments prescribe that taxes should be paid with it.
2. State control and regulation of the banking system, means that banks can only open accounts and conduct money transactions with state money.
3. Legal tender regulations in many countries make it illegal to use other forms of money for payment.
4. All state money is still backed by gold reserves or by currencies that are in turn backed by gold reserves.