What Is Private Currency?  Article Details   • Written By: Alex
Newth   • Edited By: Angela B.   • Last Modified Date: 12
December 2013   • Copyright Protected:     Conjecture
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Site/Blog   Private currency is money issued by a private
entity, such as a company, rather than by a public entity, such
as the government. Like any other currency, private currency
must have some backing or it has no value. One problem with this
currency is that it has to be adopted by other people, or only
the issuer will use it. This currency depends on an issuer that
may not be around forever, so it can go out of use if the issuer
is no longer around. Many countries and regions ban the creation
and use of private currency, while others just have legal
restrictions.  To make private currency valuable, it must be
backed by a source. The majority of currencies are backed by
precious metals, usually gold, and this also is common among
private money. At the same time, the currency