A private currency is a currency issued by a private institution. It is often contrasted with fiat currency issued by governments.
In many countries, the issue of private paper currencies is severely restricted by law. However, in Scotland and Northern Ireland private sector banks are licensed by the government to print their own paper money.
Today there are several privately issued electronic currencies in circulation, such as digital gold currency, that function as money. Transactions in these currencies represent an annual turnover value in billions of US dollars.
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