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The lira was the official unit of currency in Italy until 1 January 1999, when it was replaced by the euro (the lira was officially a national subunit of the euro until the rollout of euro coins and notes in 2002). Old lira denominated currency ceased to be legal tender on 28 February 2002. The conversion rate was Lit 1,936.27 to the euro. [13]
Money serves three purposes: a store of value, a medium of exchange, and a unit of account. [107] According to The Economist in 2014, bitcoin functions best as a medium of exchange. [107] In 2015, The Economist noted that bitcoins had three qualities useful in a currency: they are "hard to earn, limited in supply and easy to verify". [108]
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
Microsoft announced that it had purchased a 1.6% share of Facebook for $240 million ($353 million in 2023 dollars [31]), giving Facebook an implied value of around $15 billion ($22 billion in 2023 dollars [31]). Facebook focused on generating revenue through targeted advertising based on user data, a model that drove its rapid financial growth.