Understanding Legal Tender: Definition, Functions, and Global Examples
Understanding Legal Tender: Definition, Functions, and Global Examples
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Legal tender is money that must be accepted if offered in payment of a debt. In most countries, this is typically defined by national law and often includes coins and banknotes issued by a central authority, such as the Treasury or the central bank. The concept of legal tender ensures that the currency has a guaranteed acceptance for transactions, providing a basis for stable economic exchange. Cashless stores, on the other hand, operate without accepting physical currency. These stores exclusiv
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