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Portal:Money

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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In the news

1 December 2020 –
A group of gunmen attack a bank and block roads in Cametá, Brazil, taking several hostages and stealing money. The attackers kill a hostage with a gunshot to the head, while a security guard and a policeman are injured. Several shots and explosions were also reported. It appears that the target of the attack was a branch of Banco do Brasil, the same bank robbed in Criciúma the previous night. (BBC)
20 November 2020 – COVID-19 pandemic
CanadianConservativeMPKelly McCauley demands an audit, alleging that more than 800,000 ineligible people received Canada Emergency Response Benefit money from the Canada Revenue Agency. (Toronto Sun)

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