I fully understand how currencies are pegged at a certain rate, but transact at a different rate. I cannot wrap my head around currencies that can’t be converted. It makes no sense to me.
In: Economics
So a non-convertible currency is just the result of some kind of law or regulation that makes trading the currency for others illegal in someway.
But that definitely doesn’t mean a black market won’t exist (it almost certainly will). So it’s not like it’s *impossible* to trade, people can trade basically anything for anything else if you find two parties that agree to do the trade. It’s just illegal.
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