Should The European Euro Be A Currency?

1621 WordsDec 3, 20157 Pages
Introduction There are many currencies in the world that get traded across the world every day. According to Countries-of-the-World.com (2015) there are roughly around 167 official national currencies, even though there are 197 independent countries in the world plus about 5 dozen dependent territories. The fact of the matter is that many of them don’t have their own currencies or actually use any foreign currency. This is why the European euro is used in 34 independent states, as well as in overseas territories. Furthermore, the U.S dollar is used by 10 different foreign countries and is the most traded currency in the world. With about 47% share of global payments and 87% of the forex market’s daily turnover going to the United States of America. Then the Euro comes in at second place with about 33% of the forex and 28% of international bank shares going to trades. There is also another form of currency in today’s world, which is virtual currency. According to the Financial Action Task Force (2014) “Virtual currency digital representation of value that can be digitally traded and functions as a medium of exchange; and/or a unit of account; and/or a store of value, but does not have legal tender status (i.e., when tendered to a creditor, is a valid and legal offer of payment) in any jurisdiction. It is neither issued nor guaranteed by any jurisdiction, and fulfils the above functions only by agreement within the community of users of the virtual currency”. This means
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