Monetary Standard and Monetary System Part 2

This article follows from this post which compared the workable definitions of Monetary Standard and Monetary System. My post was based on another post by Mirza Saab. My post is shown below:

Are the words Monetary Standard and Monetary System similar? Its actually a good question I often asked myself until not longer ago I came to a conclusion that they are synonyms but after reading thisarticleby Mirza Saab, I have to a different conclusion to the fact that they are slightly different.
This is important for me because it is a topic I am very much interested in and the analysis proffered by Saab is quite logical. While in common parlance monetary standard is associated by using an object as a unit of account. In most uses of the word, its meaning ends there. With the word monetary system, the regulatorial aspect of the government or other agency comes in, in its definition. Such an approach is logical for me.

The post by Saab is as follows:

MONETARY STANDARD :-
Monetary standard is the unit of accountby which we measure the value of all kinds goods and services. The monetary standard or standard money can be gold, silver or paper. If the unit of account is gold we will say that it is a gold standard.

MONETARY SYSTEM :-
Monetary system includes in its scope the designation of the unit of account plus the whole Govt. Mechanism established to regulate the creation of money and to control its quality in circulation. The monetary system is designed in every country according thedomesticand international requirements.

1. COMMODITY STANDARD :-
A commodity standard is that monetary unit which has its standard value equal to the value of a designated quantity of a particular commodity or of a group of commodities. The commodity standard can be established in gold or silver or in both.

2. FIAT STANDARD :-
According to Kent, "A monetary system in which the value or purchasing power of the monetary unit is not kept equal to the value of a specified quantity particular commodity or of a group of a commodities".It has three distinguished features.
i. It has little or no value within itself as a commodity.
ii. It is not redeemable in any commodity in quantity substantially equal value to its own stated value.
iii. Its purchasing power per unit is not maintained at par with that of any other commodity unit.
Fiat money is usually a paper money or credit money.

3. MONO METALLISM :-
When the value of monetary unit is fixed and maintained in terms of one standard metal only, it is called monometallism. If the standard of money unit is gold the country is said to have a gold standard. If the unit of money is silver then it will be called silver standard.

4. SILVER STANDARD :-
Under silver standard the monetary unit is given fixed quantity of silver and all other forms of money are maintained at par by making it convertible into silver at the fixed rate. Silver is allowed to move freely inside and outside the country.