The decision to propose traceable activity within India's domestic exchanges follows a statement from the country's Finance Minister from earlier this month, in which he said that cryptocurrencies aren't legal tender there (to be clear, no currency except the Indian Rupee
is a legal tender in the country), and that there will be a crackdown on the use of virtual currencies in financing illegitimate activities.
Since Panama does not print its own paper currency, the U.S. dollar
is legal tender in Panama.
«Only sterling
is legal tender in the UK,» according to Carney (pictured above).
Many virtual currencies are trying to dislodge the British pound but «only sterling
is legal tender in the UK,» Carney said in another March speech.
Although cryptocurrencies
are legal tender in Japan, Coincheck is not registered with the country's Financial Service Authority, raising concerns over whether the lost funds will be insured if the tokens can not be retrieved.
Not exact matches
In order for bitcoin to be a real currency, Adeney claims, it must be three things: easy and frictionless for trading between people, widely accepted as a legal tender for all debts (both public and private) and stable in terms of valu
In order for bitcoin to
be a real currency, Adeney claims, it must
be three things: easy and frictionless for trading between people, widely accepted as a
legal tender for all debts (both public and private) and stable
in terms of valu
in terms of value.
Sweden could eventually «reach a situation where
legal tender is no longer an efficient medium of exchange for commercial transactions and that it
is a situation that no other country has
been in before,» Skingsley said.
The RBI move
is in line with the government's stance that cryptocurrencies
are not
legal tender and
is also
in sync with greater regulatory scrutiny by central banks of several other countries including the US, Japan, China and South Korea.
In Japan, Bitcoin has
been recognized as
legal tender, and financial regulators have officially recognized multiple cryptocurrency exchange operators.
«Virtual currency
is easier to trace, allowing the central bank to monitor its velocity and the whereabouts of the money and improve its monetary policies accordingly,» added Qian, calling digital
legal tender the «jewel
in [the] crown of FinTech.»
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.»
In September 2017, Fan Yifei, deputy governor of the PBoC, wrote that PBoC efforts to supervise private cryptocurrency and develop digital
legal tender were underway.
So Bitcoin gets none of the benefits of
being a currency
in the state of New Jersey, but all of the downside of
being «
legal tender».
The FINCEN definition of currency: The coin and paper money of the United States or any other country that
is (1) designated as
legal tender and that (2) circulates and (3)
is customarily accepted as a medium of exchange
in the country of issuance.»
The watchdog based its decision on the fact that it does not consider digital currencies to
be a substitute for money, as they
are not
legal tender in the country.
While virtual currencies do not have
legal tender status
in any jurisdiction, they operate like «real» currency
in that they
are accepted as a medium of exchange.
Last April, Japanese authorities acknowledged bitcoin as a
legal tender and stated that they would entail cryptocurrency exchanges to register with the Government.There
are 16 cryptocurrency exchanges
in Japan which have registered with Japan's Financial Services Agency (FSA).
Since bitcoin
is not yet considered
legal tender in Germany, employers using PEY will
be able to offer bitcoin as a tax - free benefit to their employees.
However, bitcoin can not
be placed
in the same category since it
is not
legal tender and has very few uses outside its trading zone, thereby making investors holding the currency that has zero value extremely vulnerable to potential risks.
On February 25, 1862, the Greenbacks
were made
legal tender for all public and private debts, replacing the Treasury notes that had
been redeemable
in coin since 1812.
On 5 December 2013, the People's Bank of China announced
in a press release regarding bitcoin regulation that whilst individuals
in China
are permitted to freely trade and exchange bitcoins as a commodity, it
is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to
be used as
legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering.
As
is known, virtual currencies, also known as cryptocurrencies,
are becoming or have already become very popular;
in certain countries they
are becoming or have already become
legal tender, as well as an investment asset.
2 stating «Bitcoin and other virtual currencies
are distinct from «real» currencies, which
are the coin and paper money of the United States or another country that
are designated as
legal tender, circulate, and
are customarily used and accepted as a medium of exchange
in the country of issuance.»
The IAMAI panel statement said that every citizen and business
in this country should play their role
in eliminating financing of illegitimate activities, regardless of whether such financing
is done using
legal tender, cryptocurrency, gold, or any other medium.
I can't imagine that you deliberately ran over the remote control car, nor
is paying
in legal tender (regardless of the denomination) an offensive thing to do.
«The CBN reiterates that the VCs such as bitcoin, ripples, monero, litecoin, dogecion, onecoin, etc and similar products
are not
legal tenders in Nigeria, thus any bank or institution that transacts
in such businesses does so as its own risk.»
In a circular dated January 12, 2017, the apex bank told the DMBs and other financial institutions that the digital currencies were not legal tenders in Nigeri
In a circular dated January 12, 2017, the apex bank told the DMBs and other financial institutions that the digital currencies
were not
legal tenders in Nigeri
in Nigeria.
«Mr Douglas Carswell (Clacton)(Con): I beg to move, That leave
be given to bring
in a Bill to amend the Currency and Banknotes Act 1954 to allow banknotes
in addition to those issued by the Bank of England to
be legal tender; and for connected purposes.
- featuring celebrated journalist and writer Robert MacNeil
in his first public television documentary The old «round pound» has ceased to
be legal tender - here
's what to do if you have any left
However, they
are not
legal tender and may not
be accepted
in many places.
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.
In fact, confusingly there are no legal tender notes in Scotland - Bank of England notes are only legal tender in England and Wale
In fact, confusingly there
are no
legal tender notes
in Scotland - Bank of England notes are only legal tender in England and Wale
in Scotland - Bank of England notes
are only
legal tender in England and Wale
in England and Wales.
Scottish bank notes aren't
legal tender... even
in Scotland.
In fact, the return of capital via a
tender offer should also provide further reassurance: Shareholders could
be unfairly penalised if they accepted a
tender offer based on incomplete info, and / or an NAV per share that did not represent market values for all assets (& liabilities)-- potentially exposing the board / company to
legal action.
Treasury notes had full
legal tender status and
were not convertible into gold through the Bank; they replaced the gold coin
in circulation to prevent a run on sterling and to enable raw material purchases for armament production.
A new # 1 coin, dubbed the most secure coin
in the world, has become
legal tender in Britain today, but it won't
be in full circulation for a few weeks.
Many pieces
in the collection
are not
in fact
legal tender, yet they function as a means of payment
in their mutual acceptance by exchanging parties.
Many important elements of policy support for renewable energy
are common across all regions and incomes, including renewable energy targets and action plans, primary legislation and
legal private ownership of generation, and financial and regulatory incentives like feed -
in tariffs or competitive
tenders.
The proposals, if implemented, will have the effect that many migrants and prisoners will no longer
be eligible for
legal aid; access to judicial review will
be restricted; contracts for criminal work will
be the subject of competitive
tendering; and fees paid to
legal aid solicitors and barristers will
be reduced, by more than 50 %
in some instances.
In relation to the outcome of the tender process, this was been pushed back until 15th October, although in the last day there has been news of a whistleblower within the Legal Aid Agency telling the Law Society Gazette that the tendering process was a «shambles» and that bids were not assessed fairl
In relation to the outcome of the
tender process, this
was been pushed back until 15th October, although
in the last day there has been news of a whistleblower within the Legal Aid Agency telling the Law Society Gazette that the tendering process was a «shambles» and that bids were not assessed fairl
in the last day there has
been news of a whistleblower within the
Legal Aid Agency telling the Law Society Gazette that the
tendering process
was a «shambles» and that bids
were not assessed fairly.
In October 2015, the
Legal Aid Agency considered all the tenders that had been submitted for criminal legal aid duty contr
Legal Aid Agency considered all the
tenders that had
been submitted for criminal
legal aid duty contr
legal aid duty contracts.
Plans to introduce best value
tendering (BVT) for criminal defence services
in October have
been scrapped by the
Legal Services Commission (LSC) following fierce opposition from stakeholders.
However,
tendering a written argument at the hearing
is neither an alternative to, nor a substitute for, setting out the «
Legal Basis»
in a notice of application or an application response
in accordance with what the Rules and the case law require.
For the
Legal Action Group (LAG), and other legal aid commentators, the failure of the tenders was very much a case of «I told you so» as concerns were expressed about the tender process from its inception and in particularly the selection criteria to distinguish between f
Legal Action Group (LAG), and other
legal aid commentators, the failure of the tenders was very much a case of «I told you so» as concerns were expressed about the tender process from its inception and in particularly the selection criteria to distinguish between f
legal aid commentators, the failure of the
tenders was very much a case of «I told you so» as concerns
were expressed about the
tender process from its inception and
in particularly the selection criteria to distinguish between firms.
According to Potter there
was «strong evidence of inconsistencies
in how the
tender applications
were marked for the same firms
in different areas» (March 2016,
Legal Action, p 4).
A slight digression: it
was interesting to read
in the
Legal Action Group's (LAG's) Austerity Justice book that the coalition government dropped plans to introduce competitive
tendering because, as LAG director Steve Hynes tells it, Ken Clarke
was persuaded by «his old colleagues at the criminal bar».
Two pilots
in best value
tendering and the introduction of Crown Court Means Testing early next year will
be vital
in our efforts to keep on top of the criminal
legal aid budget.
A survey by family law group Resolution of 561 firms revealed that 40 % have
been wholly unsuccessful
in their competitive
tendering bids to provide family
legal aid, while 15 %
were only partially successful.
The lawyers advise that currently many SMEs
are effectively barred from
tendering for contracts, worth up to # 12 million, due to not having
in - house
legal resources to support a
tender plus costs of employing external lawyers.
A consultation on the principles of best value
tendering (BVT) for criminal defence services, and a policy paper — Assuring and Improving Quality
in the Reformed
Legal Aid System — have
been published by the
Legal Services Commission (LSC).