What is a Local Currency?
Local currency is a bit of a misnomer, that is, in simple terms, it implies the currency of a given area. However, the reality is that a local currency can mean different things to different people and at different times. There is local, regional, alternative, auxillary, private business and a host of other currency types. In addition, because of civil war or economic hardship, the currency can also fluctuate or change. In the US, our local currency is based on the US Dollar which is the currency many countries choose to do business in since it is considered very stable--however, Ukraine or Congo, the currency type used to do business will likely fluctuate more often.