system
Given the following post, respond as if you're commenting on Reddit:
human
Can a nation tie its currency to a natural resource other than a precious metal?

I know there was the Gold Standard and the Bimetallic Standard (Gold and Silver). But can a nation directly link its currency to the one or more natural resources other than precious metals? Is there a word/phrase for doing this? Would this ever be useful in any circumstances?
gpt
You can in principle tie your currency to whatever you want, it's not going to be fundamentally different if instead of gold you pick some other good.

Theoretically this might be useful if you want to restore or establish the value of a currency for example, but then nowadays smaller countries where that's necessary just tie their currency to another currency like USD.