That means that the fundamental criterion for inclusion in the dictionary is established currency of use.
WALL STREET JOURNAL Brics Nations Consider Currency Arrangement | Brazil, Russia, India, China and South Africa said they would study a proposal to establish currency swaps and to pool reserves, as a bulwark against Europe's crisis, The Wall Street Journal reports.
It's a much easier solution to simply transact in an already established currency that users understand and utilize.
This was followed in the 1990s, when Argentina (1991), Estonia (1992), Lithuania (1994), Bulgaria (1997) and Bosnia (1997) established currency board-like systems.
One of the attractive points about Bitcoin compared to more established currencies and payment platforms is that transaction fees tend to be lower than those of platforms that transact in more established currencies like dollars.
If you stick to established currencies, you will still need to determine how to fund your government, and the best way to do this may be anathema to the very reason you start your own country: taxes.
Unlike Spain or Greece, Argentina never gave up its own currency, but in 1991 it did the next best thing: it rigidly pegged its currency to the U.S. dollar, establishing a "currency board" in which each peso in circulation was backed by a dollar in reserves.
9.26am GMT Osborne says the Treasury is today publishing an analysis highlighting the problems there would be establishing a currency union with an independent Scotland.
This can be done by establishing a "currency board," which holds dollar reserves large enough to back the entire national money supply; it can be done even more decisively by "dollarizing" -- that is, abandoning the national currency and using dollars instead.
The mere word that Suharto was establishing a currency board sent the rupiah up 30%.
