The end of fiat currencies - continued

In Malaysia, the Sultanate of Kelantan, one of the states, has introduced “Islamic” currency: gold dinars containing 4.25 grams of gold, and the dirham containing 3 grams of pure silver. Civil servants may choose to receive up to 25% of their salaries in dinars and dirhams. The uptake has been enthusiastic and some local merchants and cab drivers are exhibiting a preference to being paid in gold and silver coins, although they are not yet “legal tender.” (The Business Times of Singapore, September 6, 2010)