Money has been a fundamental aspect of human society since the dawn of civilization. From the simplest forms of trading to the complex world of digital currency, money has undergone a remarkable transformation over the centuries. The United States is no exception to this evolution of money and currency, and the history of its monetary system is a fascinating one.
Before the existence of formal currency, societies relied on trading and bartering as a means of exchanging goods and services. In early America, Native American tribes and European settlers traded items such as furs, tobacco, and food. This system was highly dependent on the mutual needs of the trading parties and the perceived value of the goods being exchanged.








The gold standard, a monetary system in which the value of currency is directly tied to gold, was prevalent in the United States until the 20th century. In 1971, President Richard Nixon announced the end of the gold standard, severing the link between the US dollar and gold. This move allowed the government to exert greater control over the money supply and enabled the dollar to become a fiat currency, whose value is determined by supply and demand.
Similar to the historical transitions from bartering to coins, paper money, checks, debit cards, and platforms like Venmo, the United States may be on the cusp of yet another significant transformation in the realm of currency and banking.
Does your credit union provide cryptocurrency services? Even if your institution doesn't plan to actively participate in cryptocurrency, it's crucial to understand the expectations when dealing with accountholders engaged in distributed ledger technology. With millions of Americans involved in cryptocurrency, financial institutions must be aware of risks and red flags.

Molly Stull's webinar, Cryptocurrency Regulator Expectations & Guidance covers current crypto-related frauds, scams, and red flags to safeguard your accountholders' assets.