What is an example of a local currency?

An example of this is the Argentinian economic crisis of 2002 in which IOUs issued by local governments quickly took on some of the characteristics of local currencies. One of the best examples of a local currency is the original LETS currency, founded on Vancouver Island in the early 1980s.

What's the difference between a single currency and a semantic currency?

• One definition is exchanged for another, semantic currency is taken from one discursive economy and converted into the currency of another. • You can argue about the single currency but you can't opt out of the European Single Market. • Investors continued to swap yen for the currencies of nations that offer higher interest rates.

Which currencies are freely convertible?

The currencies of some countries or regions in the world are freely convertible, such as the US dollar, Australian dollar and Japanese yen. The requirements for currency convertibility can be roughly divided into four parts: With a freely convertible currency, domestic firms will have to compete fiercely with their foreign counterparts.

When do local currencies come into being?

Local currencies can also come into being when there is economic turmoil involving the national currency. An example of this is the Argentinian economic crisis of 2002 in which IOUs issued by local governments quickly took on some of the characteristics of local currencies.