Answer :
Anything recognised by law as a mechanism to satisfy a financial obligation or settle a debt, whether it be public or private, includes tax payments, contracts, and monetary fines or penalties. In almost every nation, the local money is accepted as legal tender.
Legal tender must be accepted by a creditor in order to pay off a debt. The money that is accepted by law in a certain political jurisdiction is known as legal tender. Laws governing legal tender practically forbid the use of any other form of payment as currency in the economy.
In addition to the economic use of money, legal tender also facilitates the implementation of monetary policy and currency manipulation.
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