Fiat Currency Legalities Explained

Summary

Fiat currency is central bank money authorized by the South African Reserve Bank. Electronic money, including m-money and e-money, is regulated under the National Payment System Act and other financial laws in South Africa. Personal security does not grant creditors a real right but a personal right against the surety. E-money can sometimes be redeemed for physical cash or a bank deposit. Understanding these regulations is crucial for navigating financial transactions and ensuring compliance with South African financial laws.

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Choose the incorrect option: In the context of electronic methods of a. an EFT payment is completed when the transfer is made. / is ‘n EFT betaling afgehandel wanneer die oordrag gemaak is. b. credit cards function as both a method of payment and for the provision of credit. c. cost effectiveness and the facilitation of quick and easy transactions are advantages when it comes to this form of payment. / d. there is no legal regulation of m-money or e-money, except for contractual regulation between the issuer and the user. /
The incorrect option is:
d. there is no legal regulation of m-money or e-money, except for contractual regulation between the issuer and the user. /
In South Africa, m-money and e-money are regulated under the National Payment System Act and other relevant financial legislation.
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True or False: In the case of personal security, the creditor obtains a real right against the person who undertook to provide security. --------------------------------------- Waar of Onwaar: In die geval van persoonlike sekuriteit verkry die skuldeiser ‘n saaklike reg teen die persoon wat onderneem het om sekuriteit te verskaf. Question * Answer a. True / Waar b. False / Onwaar
Answer: False / Onwaar
In the case of personal security, the creditor does not obtain a real right against the person who undertook to provide security. Instead, they obtain a personal right against the surety.
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Choose the incorrect option: Electronic or e-money … --------------------------------------- Kies die verkeerde opsie: Elektroniese of e-geld … Question * Answer a. is never redeemable for physical cash or a deposit into a bank account on demand. / is nooit op versoek uitkeerbaar vir fisiese kontank of ‘n deposito in ‘n bankrekening in nie. b. can only function as legal tender if it is issued by a bank on receipt of funds. / kan slegs funksioneer as wettige betaalmiddel indien dit deur ‘n bank uitgereik is na ontvangs van fondse. c. is generally accepted as a means of payment. / word algemeen aanvaar as ‘n betalingsmetode. d. is monetary value that is stored electronically. / is monetêre waarde wat elektronies gestoor word.
The incorrect option is:
a. is never redeemable for physical cash or a deposit into a bank account on demand. / is nooit op versoek uitkeerbaar vir fisiese kontant of ‘n deposito in ‘n bankrekening in nie.
In some instances, e-money can be redeemable for physical cash or a bank deposit.
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