At Admin Panel -> Settings -> Localization you have a variety of options to localize your site.
Date and time: Set the default timezone, the names of allowed timezones, the date formats and whether to use daylight saving time.
Money: Choose the currency symbol and three letter ISO currency code for the primary currency, and whether to offer additional alternate currencies.
Numbers: Choose the thousands separator and decimal seprator for formatted numbers.
Places: Choose geolocation, either IP-based or browser-based. Choose which countries to allow people to select, the default country, and the states/provinces for the default country. Also choose between miles and kilometers.