Currency is generally an accepted form of money that contains coin and paper book notes and is distributed by government and inside economy is circulating.
Currency that is used as a means of exchanging goods and services, is counted base and infrastructure of businesses. Generally, each country has it’s special currency. For example, formal currency of Switzerland is Frank and formal currency of Japan, Yen. There is an exception about Euro that is used as currency such a European country. Although each kind of currency is counted special for a country but in some case is possible that other countries announce legal currency of other countries in their country.
For example, El Salvador and Panama have released dollar. Immediately after the creation of the coinage in United State in 1792 year, American inhabitants used Spanish coins because these coins were heavier and had much value (worth).Some of kinds of new moneys like crypto currencies, bit coin, dog coin and other online currencies and brand currencies don’t belong to any special country. Brand currencies like air credit cards or credit in online games are valued in proportion to the value of products or services that depend on them. Supervision on digital currencies is totally decentralized and the rate of exchanging digital currency can change severely in a short interval.
Local currencies are currencies that with the purpose of trade, was in a small region and are not supported from view point of national. For example in America, there are different kinds of local currencies that themselves have a history before establishment of national and provincial. Other examples that were used local currency in it contain a kind of local currency in the form of government loans that had been used as currency. In many cases, only central bank of a country is that has the right to distribute money. Investors often transact currency in foreign exchange bazaar. The rate of exchanging currency is a rate that in it, two kinds of different currencies can be exchanged with each other. These rates can be floating or fixed. Floating currency rate namely value of currency changes is determined in relation to foreign bazaar mechanism. Fixed currency rate is also a rate that it’s value has been tied with other currency such as gold or one basket of other currencies.
Many currencies like America’s dollar can be transacted with other currencies in money (currency) bazaar or changed. Persons like international tourists that want to exchange their currency, usually do this work in agiotages(exchanges) or banks without any restriction. These currencies are considered as totally convertible currencies. Semi-convertible currencies are those that supervise a central bank on them. Central banks sometimes do this work by controlling cash flow and international investment. Non-convertible currencies are currencies that don’t participate in foreign bazaar and don’t have permission to be changed to other currencies directly. Iran currency is Rial (Toman) and usually tourists use dollar, Euro and Iran currency for payment in this country.