About 30 us localities circulate their own currency with, Ask an Expert

Economics

Local Currencies

About 30 U.S localities circulate their own currency with names like "Ithaca Hours" and Dillo Hours." Doing so is perfectly legal (although by law they are subject to a 10 percent federal tax, which currently the government is not collecting). These currencies are used as payment for rent, wages, goods, and so on. Are these currencies money? Explain.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9213036

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