Currency relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the value (the economy at large vs. the government's physical metal reserves). Some currencies are legal tender in certain political jurisdictions. Others are simply traded for their economic
Virtual currency law in the United States increase". In its 2009 Report to Congress, the U.S. Treasury claimed that the dollar will continue to be a major reserve currency "as long as the United States maintains sound macroeconomic policies and deep, liquid, and open financial markets". According to former CIA CTO Gus Hunt, the "Government's going to learn from Bitcoin, and all the official government currencies are going to become crypto currencies themselves". Under 12 U.S. Code § 411, the Federal Reserve has the authority to issue Federal Reserve notes, and under 12 U.S.C.A. § 418, the Treasury Department "in order to furnish suitable notes for circulation...shall