The Embeddedness of Currency: Why Legal Tender Status Alone Doesn’t Guarantee Monetary Sovereignty

货币的嵌入性：为何法定货币地位本身无法保障货币主权

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Legal tender laws mandate acceptance of domestic currency for debt settlement—but they do not ensure its use in pricing, saving, or cross-border trade.
In many emerging economies, the US dollar dominates invoicing, wage contracts, and bank deposit portfolios despite local currency legality.

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