Language: English (India)

Legal tender, Bitcoin & Cheques are legal tenders? Meaning of High Powered Money and Fiduciary Money

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1. What is the meaning of legal tender?

2. Whether individuals or businesses can refuse to accept legal tender for settling debts and purchasing goods and services?

3. Why the individuals accept legal tender as a medium of exchange in return of goods and services?

4. Which government authority decides what is considered legal tender?

5. Can legal tender status change over time?

6. What are the two types of legal tender?

7. What is the meaning of limited legal tender? Give an example.

8. Why the limited legal tender has come in to existence?

9. What is meant by unlimited legal tender?

10. Why banknotes are unlimited legal tender?

11. What is the meaning of bitcoin?

12. Is bitcoin legal tender?

13. Whether any country in the world has allowed bitcoin as legal tender?

14. Whether it is correct that some countries are considering adopting bitcoin as legal tender?

15. If any country gives legal tender status to bitcoin, whether it means that bitcoin is the only currency that can be used in that country?

16. Whether cheques are legal tender money?

17. Whether a person or business is legally bound to accept the payment by cheque in return of goods and services?

18. Whether postal orders and bank drafts are legal tenders?

19. Why cheques are also called optional money?

20. Is there a difference between legal tender and other forms of money?

21. What is the meaning of high powered money?

22. What is the formula to express high powered money?

23. How does the Central Bank influence high-powered money?

24. Why the central bank manages the supply of high-powered money?

25. Can changes in high-powered money impact inflation?

26. What is the meaning of fiduciary money?

27. Whether a person is legally bound to accept fiduciary money in exchange of goods and services?