Currency

Currency has long existed since bartering is the primary means of exchange in the contemporary age. A new currency category, virtual currency, has entered the lexicon in the twenty-first century. Bitcoins, for example, have no physical existence or government approval and are only bought and sold and saved in the database by electronic means. On the other hand, Legal tenders are coins or banknotes that are accepted as payment against debts or loans. Fiat money is the independent form of money that governments can print without backing it with a commodity like gold. Governments often tend to overprint fiat money resulting in hyperinflation.  

What are Currencies?

Currency has been around in a certain usage pattern for at least three thousand years. Cash in coins and bank currency notes proved critical in fostering cross-continent commerce. Currency is a widely recognized means of compensation typically approved by an administrative authority and disseminated within its borders. Any currency’s value tends to vary continuously concerning another currency. The currency conversion market exists to benefit from such volatility. Many countries recognize the US dollar as an exchange, while others directly refer their currency’s value to the US dollar.

Since November 10, 2016, a newly updated sequence of 500 currency notes and a new denomination of 2,000 paper currency have been in circulation in India. From 2017 to 2019, the remaining Mahatma Gandhi New Series new Indian currency notes were set to release in denominations of ₹10, ₹20, ₹50, ₹100, and ₹200.

Characteristic of Modern & New Currency

One distinguishing feature of modern new currency is that it would be universally valueless. They are bills and currency notes made of paper instead of gold, silver, or bronze coins. Although the principle of using paper as a currency was established in China as early as the1000 BC, embracing a slip of paper in exchange for something of actual worth took a very long time to catch on. Modern currencies are printed in different denominations on paper.

National Currencies

To a certain extent, a reserve currency is a medium of exchange that is often used as a payment method outside of its countries of origin. The US dollar, for example, has been regarded as a reserve currency as of World War II since, for example, the price of oil always are estimated in dollars, and innumerable other currencies have pinned their currencies to the US dollar. The dollar currently holds immense power, accounting for 63% of worldwide foreign reserves. As of 2002, the Euro has also increased in popularity as a reserve currency. Even though it does have an “only” 16 per cent amount of global use, it is gaining recognition in a rising number of economic systems and displaying better consistency.

The United Nations presently proposes 180 national currencies in liquidity. An even more 66 countries just use the US dollar or even have their one’s currencies pinned explicitly to it. The majority of the countries have their very own currencies. The list of all country currency is as follows:

• The currency used in the United Arab Emirates is Arabic Dirham.
• The currency used in Afghanistan is Afghani
• The currency used in Albania is Lek.
• The currency used in Armenia is Dram.
• Currency used in Sint Maarten, Curacao is Netherlands Antillean Guilder
• The currency used in Colombia is the Colombian Peso
• The currency used in Cuba is the Cuban Peso
• The currency used in Egypt Denmark is Egypt Pound.
• The currency used in Ethiopia is Birr.
• The currency used in Fiji is Fidschi Dollar.
• The currency used in Indonesia is the Indonesian Rupiah.
• The currency used in India is Indian Rupee.
• Currency used in Trinidad and Tobago in Trinidad and Tobago Dollar
• The currency used in Taiwan is New Taiwan Dollar.
• Currency used in Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent, and the Grenadines is East Caribbean Dollar.
• Currency used in Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Ivory Coast, Senegal, Togo is West African Franc.
• Currency used in American Samoa, British Virgin Islands, Ecuador, El Salvador, Guam, East Timor, Marshall Islands, Federated States of Micronesia, Palau, Northern Mariana Islands, Puerto Rico, Turks and Caicos Islands, United States, Virgin Islands, British Indian Ocean Territory, Bonaire, Saint Eustatius, and Saba is US Dollar.
• Currency used in Netherlands, Andorra, Belgium, Spain, Guadeloupe, Ireland, Italy, Austria, Greece, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Martinique, Mayotte, Principality of Monaco, Portugal, France, French Guiana, Reunion, Saint Pierre and Miquelon, Germany, San Marino, Slovakia, Slovenia, Finland, Vatican City, Estonia, French Southern and Antarctic Lands, Montenegro, Saint Barthelemy, Kosovo, Åland Islands, Saint Martin is Euro. 

Conclusion 

We discussed currency, new Indian currency denominations, Characteristics of modern & new currency, and other related topics through the study material notes on Currencies. We also discussed all country currencies to give you proper knowledge. In the broadest sense, the currency is cash in any pattern being used or disseminated as an exchange medium, especially flowing currency notes and coins. In a wider sense, a currency is a framework of cash which are monetary units that are widespread for use, especially amongst some of the citizens of a nation.