Portal:Money

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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 primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity 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", in the case of the United States dollar.

The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) 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, whose value exists on the books of financial institutions and can be converted into physical notes or used for cashless payment, forms by far the largest part of broad money in developed countries. (Full article...)

1909 painting The Worship of Mammon by Evelyn De Morgan

Mammon /ˈmæmən/ in the New Testament is commonly thought to mean money, material wealth, or any entity that promises wealth, and is associated with the greedy pursuit of gain. The Gospel of Matthew and the Gospel of Luke both quote Jesus using the word in a phrase often rendered in English as "You cannot serve both God and mammon."

In the Middle Ages, it was often personified and sometimes included in the seven princes of Hell.

Mammon in Hebrew (ממון) means 'money'. The word was adopted to modern Hebrew to mean wealth. (Full article...)
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FERDIN[ANDUS] VII DEI GRATIA 1821"Ferdinand VII by the Grace of God, 1821." Right profile of Ferdinand VII with cloak and laurel wreath

The Spanish dollar, also known as the piece of eight (Spanish: real de a ocho, dólar, peso duro, peso fuerte or peso), is a silver coin of approximately 38 mm (1.5 in) diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content 25.563 g (0.8219 ozt) fine silver. It was widely used as the first international currency because of its uniformity in standard and milling characteristics. Some countries countermarked the Spanish dollar so it could be used as their local currency.

Because the Spanish dollar was widely used in Europe, America, and the Far East, it became the first world currency by the 16th century. (Full article...)

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In the news

15 May 2024 –
Federal prosecutors in New York City charge two brothers, Anton and James Peraire-Bueno, with conspiracy to commit wire fraud, and conspiracy to commit money laundering, after they were arrested for exploiting the Ethereum blockchain and stealing $25 million worth of cryptocurrency. (Reuters)
10 May 2024 – Arrest of Arvind Kejriwal, 2024 Indian general election
The Supreme Court of India grants Delhi Chief Minister Arvind Kejriwal interim bail for 21 days in connection with the Delhi liquor policy money laundering case, thereby permitting Kejriwal to campaign in the ongoing general election. (The Hindustan Times)
8 May 2024 –
Two Cambodian and Chinese people are deported from Singapore after being convicted of laundering over S$3 billion (US$2.2 billion), Singapore's largest ever money laundering case. (VnExpress)
30 April 2024 –
The founder of the cryptocurrency exchange service Binance, Changpeng Zhao, is sentenced to four months in prison for money laundering. (Reuters)

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