Crocodilian

Move Over Fed, California's Now Printing Its Own Money

The "Registered Warrants" are not currency. People may choose to treat them in lieu of currency, as I may choose to accept, say a deed as payment on a debt-- but no one has any obligation to do so.

That's the distinction that makes "money".

There's a term of art that should be added to this discussion "Legal tender". "Legal tender" means an instrument which by law CANNOT be refused as payment of a debt.

Banks and others might _choose_ to accept the registered warrants, but they have no obligation to-- and hence they are not "legal tender" or "money".