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Digital counterfeiting is when banks make money out of nowhere in their computer systems. This can happen in several ways. For example, they can loan your money (the exact same money) simultaneously to several different people, even though they only have the legal right to lend out what they currently hold, and collect interest on every one of the simultaneously loans. When they get paid back, not only do they have the interest, but multiple copies of the original loan. Another possible method used by a lot of banks is to keep the money moving so, when they digitally add funds to it, no one seems to notice.
I hesitate to say the exact amount because I found this question while looking for the quote, but I think digital counterfeiting creates somewhere in the billions of dollars of United States currency per day.
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∙ 13y ago
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What does the secret service have to do with the U.S. mint?
The Secret Service investigates counterfeiting.
What is the meaning of counterfeiting?
of Counterfeit
How can i counterfeiting money?
Counterfeiting money is a serious crime that could see you serving a very long prison sentence.
What are The rules regarding counterfeiting?
There are no "rules" regarding counterfeiting. There are LAWS prohibitting it. It is against the law at both the federaland state levels.
What is the penalty of counterfeiting in California?
prison
What is negative impact of counterfeiting?
Oh ion
How much will you be fined for counterfeiting money?
675
Why is counterfeiting is bad?
Because it's worthless?
What is the meaning of countetfeiting?
Counterfeiting is essentially copying or faking. Counterfeiting is often done with highly valuable items like money or irreplaceable old antiques.
Who is responsible for the prevention of counterfeiting?
The prevention of counterfeiting is a shared responsibility among various stakeholders. Governments play a crucial role in establishing and enforcing laws and regulations related to counterfeiting. Law enforcement agencies, such as the police and customs, are responsible for investigating and prosecuting counterfeiters. Additionally, businesses and industries also have a role to play by implementing anti-counterfeiting measures and raising awareness among consumers.
When money is made illegally in a country what is it called?
Counterfeiting
Is printing money illegal?
Yes, that is called counterfeiting.
