Ruilmiddel

Ruilmiddel (means of exchange) is a concept in monetary economics referring to any asset or instrument that is generally accepted as payment in transactions for goods and services. The primary function of a ruilmiddel is to serve as an intermediary in trade, reducing the inefficiency of barter by providing a readily transferable form of value.

Three classic roles are commonly cited: medium of exchange, unit of account, and store of value. As a medium of exchange, it is accepted for settling obligations; as a unit of account, it provides a common measure of value; as a store of value, it retains worth over time (though this last role depends on stability of value). A standard of deferred payment is sometimes listed as a fourth role.

Forms of ruilmiddel include physical money (coins and banknotes), digital money (electronic funds, debit and credit transfers), and quasi-money such as demand deposits, gift cards, and vouchers that function as payment instruments. In modern economies, central banks typically issue currency that acts as the official ruilmiddel, while competition and innovation have expanded electronic payments and digital currencies.

Key properties of an effective ruilmiddel include wide acceptance, durability, portability, divisibility, fungibility, and scarcity or controlled supply to maintain value. The usefulness and value stability of a ruilmiddel depend on monetary policy, trust in issuing institutions, and economic conditions.

Criticism and risks include inflation eroding store of value, counterfeiting, cyber-security threats in digital forms, and financial exclusion of those without access to payment systems.