In some cases, such nonbank private assets may have value only within the network, while in other cases, the issuer may promise convertibility to a sovereign currency, such that this becomes a liability of the issuing entity.
The reason why almost all developed countries adopted this law – and why we thankfully copied it – is simple enough: there is nothing that contributes more to growth and economic development, higher employment and growth in exports than stability of prices. This assertion has been proved right in all developed countries in the course of the last two decades.