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Standard of deferred payment

Standard of deferred payment Definition

A standard of deferred payment is the accepted way (in a given market) to settle a debt. For example, while the gold standard reigned, gold or any currency convertible to gold at a fixed rate constituted such a standard. As of 2003, the US dollar or Euro are the most generally accepted standards for international settlements.

While for certain kinds of transactions (such as for illegal goods like narcotics or weapons) gold or diamonds may be preferred as the medium of exchange, there being no recourse in case of counterfeit currency being used, there is rarely any deferral of payment, and if there is, it will most likely be stated in dollars.




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