Answer:
The currency used in each country is typically determined by the country's central bank. Central banks are charged with managing a nation's money supply and setting monetary policy. They will typically issue their own currency and decide which foreign currencies can be bought and sold within their borders. The central bank will also decide what exchange rate to set for foreign currencies, which will determine how much of that currency can be bought and sold in the local market. In some cases, countries may choose to adopt a foreign currency instead of issuing their own, such as when Panama adopted the United States Dollar in 1904.
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