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Simple English definitions for legal terms
current money
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A quick definition of current money:
Current money refers to the type of money that is used in a country, like coins and bills. It can also mean assets that can be easily turned into cash, like money in a bank account. Sometimes, people use the term "money" to refer to funds or sums of money. There are different types of money, like digital money that can be used online, or paper money that is backed by a government's credit. Lawful money is money that is accepted as payment for debts, while hard money refers to coins and cash. Real money can be money that has intrinsic value, like gold or silver, or just the cash that you have in your pocket right now.
A more thorough explanation:
Definition: Current money refers to the currency that is currently in circulation within a country and is authorized by the government as a medium of exchange. It can also refer to assets that can be easily converted to cash or capital that is traded as a commodity.
- Coins and paper bills are examples of current money that are authorized by the government as a medium of exchange.
- Demand deposits, which can be easily converted to cash, are also considered current money.
- The money market is an example of capital that is traded as a commodity.
- Investment moneys refer to funds or sums of money that are available for investment purposes.
These examples illustrate how current money can take different forms, but they all serve as a means of exchange for goods and services within a country's economy.