A private currency is a currency issued by a private organization, be it a commercial business or a nonprofit enterprise. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issuance of private paper currencies is severely restricted by law.
Today, there are over four-thousand privately issued currencies in more than 35 countries. These include commercial trade exchanges that use barter credits as units of exchange, private gold and silver exchanges, local paper money, computerized systems of credits and debits, and digital currencies in circulation, such as digital gold currency.
Read more about Private Currency: Currency Backing, Private Currency Vs. Private Money, See Also
Famous quotes containing the words private and/or currency:
“He said that private practice in medicine ought to be put down by law. When I asked him why, he said that private doctors were ignorant licensed murders.”
—George Bernard Shaw (1856–1950)
“It is the international system of currency which determines the totality of life on this planet. That is the natural order of things today. That is the atomic, and sub-atomic, and galactic
structure of things today. And you have meddled with the primal forces of nature! And you will atone! Am I getting through to you, Mr. Beale?”
—Paddy Chayefsky (1923–1981)