About 30 U.S localities circulate their own currency with names like "Ithaca Hours" and Dillo Hours." Doing so is perfectly legal (although by law they are subject to a 10 percent federal tax, which currently the government is not collecting). These currencies are used as payment for rent, wages, goods, and so on. Are these currencies money? Explain.
Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main uses of money are as a medium of exchange, a unit of account, and a store of value. Money includes both ...
The solution explains if local currencies can classify as money.