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Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (CTRs).

Redenomination is the process of simplifying the currency digits that apply in a country by reducing the zeros in that currency without changing the exchange rate. For example, IDR 1,000 becomes IDR 1.

Filing and Record Retention A completed CTR must be electronically filed with FinCEN within 15 calendar days after the date of the transaction. 20 The bank must retain copies of CTRs for five years from the date of the report. 21 The bank may retain copies in either electronic format or paper copies.

Private currencies are not legal tender and may be illegal in some jurisdictions; however, the advent of cryptocurrencies may spark a renaissance in digital private currencies.

The central bank, or other competent, state authorities (such as the treasury), are typically empowered to create new, physical currency, i.e. paper notes and coins, in order to meet the needs of commercial banks for cash withdrawals, and to replace worn and/or destroyed currency.

When a country introduces a new currency, normally only one institution--generally the central bank--is given authority to issue of the currency. This, in effect, gives the central bank the power to set either the quantity or the price of the currency.

By employing fixed effects estimators, the researchers found that redenomination significantly decreases estimated rate of inflation, increase in estimated real GDP per capita. However, there is no significant effect of redenomination on real currency exchange rate. Further, Ullah et al.