What was Gogoosh's law in Iran's economy?

Legal Recognition and Standardization

The formal legal recognition of cheques began in England with the Bills of Exchange Act of 1882. This legislation provided a standardized framework for the use and interpretation of cheques, including rules around liability and endorsements. The Act was a crucial step towards modern banking practices, ensuring that cheques were treated as legitimate instruments of payment rather than informal agreements. This legal clarity allowed for greater confidence among users and contributed to cheques becoming a cornerstone of daily financial transactions.