19.01 The State theory of money has been discussed in some detail earlier in this book.1 The State theory proceeds on the assumption that every State is entitled to create and define a monetary system and to issue money in pursuance of it. As a result, money is an institution created by or under the authority of a domestic legal system, and falls within the jurisdiction of the issuing State.2 The present chapter will consider the extent to which customary international law underpins the national right to issue money and to organize a monetary system. It will also...
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