Portal:Money

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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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Currency stacked in the game's "bank"
Monopoly money is a type of play money used in the board game Monopoly. It is different from most currencies, including the American currency or British currency upon which it is based, in that it is smaller, one-sided, and does not have different imagery for each denomination. It is not legal tender and has no monetary value in any jurisdictions. (Full article...)
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Currency South Korea.jpg
The South Korean won (/wʌn/; Korean: , Korean pronunciation: [wʌn]; symbol: ; code: KRW) or Korean Republic won (Korean: 대한민국 원) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city of Seoul. (Full article...)

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In the news

2 June 2021 –
Nicaraguan opposition figure Cristiana Chamorro Barrios is placed under house arrest in Managua as the government accuses her of money laundering. (Bangkok Post)
26 May 2021 –
Former South African President Jacob Zuma pleads not guilty to multiple charges, including corruption, fraud, racketeering and money laundering, relating to a $2 billion arms deal in 1999. Zuma said that the charges were politically motivated by a rival section of the ruling African National Congress. (Reuters)
20 May 2021 – Colonial Pipeline cyberattack‎
In the aftermath of the attack, it is revealed at a Senate Armed Services cyber subcommittee hearing that the Department of Homeland Security was not alerted to the ransomware attack and that the Justice Department was not alerted to the ransom type or the amount of money demanded, prompting discussion about the numerous information silos in the government and difficulties of information-sharing between them. (USNI News)

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