It is mandated by national law to force the circulation of independent functioning currencies that are not based on any precious metals.
The currencies issued by all countries in the world are basically credit currencies.
Credit money is an instrument for the circulation of credit provided by banks.
Its own value is much lower than its monetary value, and unlike surrogate money, it is completely decoupled from precious metals and no longer directly represents any of them.
Credit money is the money that is issued and created by credit procedure with credit as guarantee.
Credit money is the product of the further development of substitute money, and has become the monetary form adopted by almost all countries in the world. It can be said that credit money is the direct consequence of the collapse of the metal monetary system.
