Asaan | Iranian/Persian Currency Exchange Services in Richmond Hill, ON, Online Currency Converter Services
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Application For Schedule 1 Bank in Canada – Exchange Bank of Canada In October 2012, CXI applied to the Minister of Finance in Canada for letters patent continuing its wholly owned subsidiary, Currency Exchange International of Canada Corp.
as a bank under Canada’s Bank Act. The subsidiary would carry on business in Canada under the name of Exchange Bank of Canada in English and Banque de change du Canada in French, and its head office would be located in Toronto.
As a bank, it is looking to provide a range of foreign currency and related products and services to banks, in the form of a “Banker’s Bank”.
In September 2016, Currency Exchange International of Canada Corp. was given the order to commence and carry on business as Exchange Bank of Canada (EBC), in English, and Banque de change du Canada, in French, and is now operating as a Canadian Schedule 1 bank.
The order to continue as a federally regulated financial institution is made by Canada’s Superintendent of Financial Institutions (OSFI) after the Letters Patent are issued by the Minister of Finance.
A currency (from Middle English: currant, “in circulation”, from Latin: current, -is), in the most specific sense, is money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins.
A more general definition is that a currency is a system of money (monetary units) in common use, especially for people in a nation. Under this definition, US dollars (US$), pounds sterling (£), Australian dollars (A$), European euros (), Russian rubles (?) and Indian Rupees (?) are examples of currencies.
These various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies.
Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance.
Other definitions of the term “currency” are discussed in their respective synonymous articles banknote, coin, and money.
The latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the currency’s value (the economy at large vs. the government’s physical metal reserves).
Some currencies are legal tender in certain political jurisdictions. Others are simply traded for their economic value. The digital currency has arisen with the popularity of computers and the Internet.