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Originally Posted by Nodrog
This is the entire reason central banks exist. I dont think theres anything stopping private banks issueing their own currency in England if they wish to do so; in Scotland only coins are legal tender and all banknotes are issued by private banks but the laws might be different.
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Apparently the laws are severely restrictive. In scotland and NI private banks issue currency but they don't control it, its issued only with the agreement of the Bank of England. I agree with the idea of 'free banking' and would wish that to be re-introduced. Anyone who lost 'value' to shoddy people would only have themselves to blame.