Sentences with phrase «as legal tender»

This enthusiasm would explain the Indian government's concerns, given its refusal to recognise cryptocurrencies as legal tender and warnings against investing in them.

While bitcoin isn't recognized as legal tender in the country, many retailers have already begun accepting the cryptocurrency as payment.

The Indian government does not recognize bitcoin as legal tender and its overall legal status remains somewhat murky.

Although the cryptocurrency is not followed as a legal tender in many nations the trading of cryptocurrency happens without any hassle in other nations.

The dollar is accepted as legal tender throughout the world.

A number of central banks are seriously studying whether digital currencies backed by global central banks can be used as a legal tender such as the Indian central bank.

In most countries cryptocurrencies are not recognised as legal tender and are only regulated to the extent that they fit within existing laws, such as tax laws.

The future of cryptocurrency in the system lies partly on how well it is integrated and accepted in the society as a legal tender.

Since cryptocurrencies aren't recognized as legal tender nor a financial instrument, the regulations will chalk cryptocurrency exchanges under «unauthorized fundraising», according to the report.

It's not fiat, meaning that no country requires it to be used as legal tender.

It was the first major economy to bestow legitimacy on virtual currencies, by recognising Bitcoin and other virtual currencies as legal tender in April of 2017.

Looking at Japan other countries are also starting to recognize Bitcoin as a legal tender of money.

FinCEN's regulations define currency (also referred to as «real» currency) as «the coin and paper money of the United States or of any other country that [i] is designated as legal tender and that [ii] circulates and [iii] is customarily used and accepted as a medium of exchange in the country of issuance.»

University of Nicosia in Cyprus announced today that it will accept the digital - only currency as legal tender for tuition and fees.

For example, Ecuador adopted the U.S. dollar as legal tender in 2000 after the Ecuadorian - issued currency, the sucre, depreciated rapidly such that $ 1 was worth 25,000 sucres.

Japan has been on the cutting edge of Bitcoin infrastructure ever since the digital currency was recognized as legal tender back in April.

Japanese authorities recognized bitcoin as legal tender last April and require cryptocurrency exchanges to register with the government.

In Japan, Bitcoin is already treated as legal tender, while Russia is currently drafting legislation to regulate cryptocurrencies and ICOs.

India has still yet to give it's decision regarding regulation of Bitcoin and it's acceptance as legal tender of money.

(RMI) to issue a new cryptocurrency that will act as legal tender for the sovereign nation.

The document does not explicitly mention cryptocurrencies, which are not regarded as legal tender in Belarus.

In The Netherlands before the EURO, we had the Gulden as legal tender.

Russian president Vladimir Putin publicly said cryptocurrencies had «serious risks,» and yet he just called for the development of a new digital currency, the «cryptoruble,» which will be used as legal tender throughout the federation.

A gift of virtual currency, such as bitcoin, to charity or a donor - advised fund is not recognized by the IRS as legal tender.

Fiat Money is the currency that governments issues as legal tender without backing it with any asset.

The Republic of Marshall Islands (RMI), a chain of 1,156 volcanic islands and islets in the Pacific with a population of over 70,000, could see a cryptocurrency as legal tender as early as this year.

The Central Bank of Egypt refuses to accept digital currencies and recognizes only the Egyptian pound as legal tender.

He also added that cryptocurrencies can not be branded as a legal tender and that the government shall «strongly respond to excessive cryptocurrency speculation and illegal activity.»

His speech echoed the fact that Indian government does in no way recognise Cryptocurrencies such as Bitcoin same as a legal tender but is equally welcoming towards the spread of blockchain technology for pioneering payment gateways.

In Japan, Bitcoin has been recognized as legal tender since April, a huge contrast to China and South Korea, who hinder and ban blockchain tech altogether.

Rumors of cryptocurrency being accepted as legal tender offered a temporary reprieve from the month's freefalling market value.

Although cryptocurrencies have a reputation for being used on the darknet for drug transactions and facilitating ransomware attacks, a growing number of legitimate, legal outlets accept Litecoin as legal tender.

«The purpose of this Act is to declare and issue a digital decentralized currency based on blockchain technology as legal tender of the Republic of Marshall Islands,» reads the bill, posted in the Sovereign's official Telegram channel.

In most countries, the U.S. included, digital currencies are not recognized as legal tender so investors have little to no recourse when their funds are stolen.

As bitcoin struggles to find its place as a legal tender for business transactions in many countries, director and registrar of the Reserve Bank of Zimbabwe, Zimbabwe's Central Bank, Norman Mataruka has raised more doubts about the cryptocurrency's authenticity in the country by an official statement released earlier this week.

According to the press release, one of the documents is entitled «On Digital Financial Assets», confirming that the country does not wish to accept Bitcoin or other digital tokens as legal tender.

After Korea announced plans to regulate crypto exchanges earlier this week, confirming that it wouldn't ban them as some feared, India stepped up to the plate to announce that it doesn't recognize crypto cash as legal tender.

«In addition to the bank not recognizing virtual currencies as legal tender in Namibia, it also does not recognize it to be a foreign currency that can be exchanged for local currency.

country that are designated as legal tender, circulate, and are customarily used and accepted as a

By 2017, the currency is recognised as legal tender in Japan and Russia, as well as noting a 600 % increase in online traders using the currency.

At only two pages, the concise bill is not very substantive, save for a brief classification of «virtual currency» as «any type of digital representation of value that; 1) Is used as a medium of exchange, unit of account or store or value; and 2) Is not recognized as legal tender by the United States government.»

The country welcomed US dollar as its legal tender in 2009 following rampant hyperinflation.

The Finance Minister of India also said that at present, the Indian Government does not recognises Bitcoin as a legal tender of money.

It was more noticeable with the start of 2018 when a significant drop - off in interest as several news told that cryptocurrencies would not be accepted as legal tender in India, something finance minister Arun Jaitley emphasized in his budget speech in February.

Just as news - driven events have been a positive for bitcoin, such as Japan allowing it to be accepted as legal tender last year, news events can also drag bitcoin down.