Sentences with phrase «forms of legal tender in»

Handle money and other forms of legal tender in compliance with established procedures.

Still, the central bank stressed that Tuesday's release doesn't represent any kind of endorsement from them - nor does it mean that officials are moving to consider cryptocurrencies a form of legal tender in Malaysia.

Not exact matches

The Risk Alert Notice further stated that «[i] n the case of Lianke issued by Xunlei... the issuing company in effect substitutes Lianke for the duty to pay back project contributors with legal tender, making it essentially a financing activity and a form of disguised ICO.»

There are only two fundamental differences between bitcoin and national currencies: (1) bitcoin is issued by an algorithm rather than a central bank so predictable machines rather than arbitrary humans control the «printing» and the total amount of bitcoin; (2) creditors can sue you if you present bitcoin to settle a debt denominated in national currency but if you present the currency it will be a defence to the creditor's suit under some form of a «legal tender» statute (Currency Act, RSC 1985, c C - 52 in Canada; 31 U.S. Code § 5103 in the US).

According to the Japan Times, the increased scrutiny is aimed to ensure that the companies comply to the revised payment services law, passed in April this year, which set out operational standards for exchanges, as well as recognizing bitcoin as a form of legal tender.

The increased scrutiny is aimed to ensure that the companies comply to the revised payment services law, passed in April this year, which set out operational standards for exchanges, as well as recognizing bitcoin as a form of legal tender.