An individual takes a $100 banknote and deposits it into their personal checking account at a commercial bank. The bank's digital ledger now shows the individual's account balance has increased by $100. From the perspective of the financial system, what does this newly created $100 digital balance represent?
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An individual takes a $100 banknote and deposits it into their personal checking account at a commercial bank. The bank's digital ledger now shows the individual's account balance has increased by $100. From the perspective of the financial system, what does this newly created $100 digital balance represent?
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