What was the first bank? Detailed answer

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What was the first bank? Detailed answer

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What was the first bank?

The grocer deals with groceries, the hardware stores deal with household items, and the bankers deal with money. The main function of banks is to accept money and conduct transactions with them. Of course, modern banks provide many other services, but they are all related to the circulation of money. Since there was money, it became necessary to put it somewhere to save or lend it to someone who needs it.

Already in Ancient Babylon, when coins had not yet been invented, there were people who borrowed money, lent it, and carried out various operations for other people. They could already be called bankers, although everyone considered them usurers. Sometimes these matters were in the hands of the priests in the temples. There were laws regulating such activities.

Ancient Greece also had moneylenders, and in Rome there were already large banks. They worked with companies located in different places, far from Rome. Roman law, Roman laws, governed the activities of these banks. So we can say that the emergence of banks is connected with the existence of usurers. And it happened during the Roman Empire.

In the Middle Ages, activities related to monetary transactions became illegal. Many countries have banned it altogether. Those who continued to deal with money often did it in secluded places, on benches, in bazaars. The word "bench" in Italian sounds "banco", hence the word "bank".

In England, the reception and circulation of money was mainly in the hands of jewelers. These reliable artisans received money and valuables from people for safety, and in return received a receipt from the jeweler. These receipts passed from hand to hand (instead of receipts, bank checks later came into use). People willingly took receipts from jewelers as payment for goods and debts.

In 1694, a group of businessmen agreed to give the English government a large sum of money on credit in order to be allowed to open the Bank of England, which today is one of the most important financial institutions in the world.

Author: Likum A.

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