Sentences with phrase «legal tender in»

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

In April 2017, the Japanese government and lawmakers gave the digital money the status of legal tender in the country.

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.

A bill has been submitted to the Russian parliament to make the country's national «cryptocurrency,» the cryptoruble, legal tender in Russia.

As Arun Jaitley, the finance minister of India, has announced bitcoin and other cryptocurrencies are not legal tender in the country by comparing them to a Ponzi scheme.

The leading cryptocurrency bitcoin is neither illegal nor legal tender in India and largely unregulated.

Presenting Budget 2018 last month, Finance Minister Arun Jaitley reiterated a well - known official position — cryptocurrency is not recognized as legal tender in India.

As previously reported, the measure, as currently written, would clarify that bitcoin and other cryptocurrencies are not legal tender in Mexico.

The fact that bitcoin was recognized as legal tender in Japan has certainly helped its cause, along with the commencement of bitcoin futures trading on the CBOE Global Markets platform and with the CME Group this month.

In India, Finance Minister Arun Jaitley's clear statement that digital currencies would not be accepted as legal tender in the country helped throw a wet blanket on cryptocurrency enthusiasm in the country — which has served as a FUD (Fear, Uncertainty, and Doubt) hotspot at times.

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.

Namibia's Trade Command Act of 1966 acknowledges that «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.

India's foremost financial official has publicly refuted bitcoin as a currency and legal tender in the country.

According to local publication ZeeBiz, Jaitley refuted bitcoin's acceptance as legal tender in the country while pointing to a similar stance taken by India's central bank over the years.

But Bitcoin is not a legal tender in anywhere in the world.

Bitcoin is recognised as legal tender in Japan and nearly one third of global bitcoin transactions in December were denominated in yen

The CryptoRuble will be considered a currency of legal tender in Russia.

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.

As reported by CCN, Portugal's central bank, Bank of Portugal, has in the past stated that bitcoin has no legal tender in the country, nor a central authority controlling it.

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.

CoinDesk India's finance minister, Arun Jaitley, has said bitcoin is not legal tender in the country and indicated that regulations are under consideration.

He once said in 2013 that, he likes the fact that cryptocurrencies are freely available to all people, although they will not be accepted as legal tender in China, at least not anytime soon.

It made digital currencies legal tender in April last year and enjoys a free and unfettered crypto trading environment.

The CBK has pointed out the fact that bitcoin is not recognised as a legal tender in the country and there are no proper regulatory structures governing its use.

However, bitcoin is not recognised as a legal tender in Kenya and is also decentralised, which means it lacks a central governing authority.

The South African Reserve Bank (SARB) has given indications that it might soon consider bitcoin as legal tender in the country.

In July the Central Bank of Egypt rejected the use of bitcoin locally insisting it was not a legal tender in the country.

«virtual currencies such as bitcoin are not legal tender in Kenya and therefore no legal protection exists in the event that the platform that exchanges or hold the virtual currency fails or goes out of business...»

Both regulatory bodies warned against the usage of digital currencies like bitcoin as it is not a legal tender in the country and any bank or business that would deal or invest in such would do so at their own risk.

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

FINRA detailed what it referred to as the «numerous risks» associated with buying, selling and using bitcoin, including that bitcoin is not legal tender in the US.

«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,» officials said at the time.

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

The Bank has also repeatedly warned the public that digital currencies are not legal tender in Malaysia and thus not covered by certain conduct standards that are applied to other regulated entities.

By not recognising cryptocurrencies as legal tender in India simply means that digital currencies like Bitcoin, Ethereum, etc can not be used to buy / sell goods and services.

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.

As of now Finance Mininster Shri Arun Jaitley mentioned in his Union Budget Speech 2018 that «Cryptocurrencies are not considered as legal tender in India ``.

It is a store of value and a medium of exchange, but it is not considered legal tender in any U.S. jurisdiction.

Interestingly, however, the RBI does not seem too keen on allowing the digital cash to be used as legal tender in the country, as is evident from numerous press releases discouraging their use.

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.

Since Panama does not print its own paper currency, the U.S. dollar is legal tender in Panama.

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.

A new # 1 coin has become legal tender in the UK.

In fact, confusingly there are no legal tender notes in Scotland - Bank of England notes are only legal tender in England and Wales.

Today, Douglas Carswell introduces a Bill designed to make a range of different currencies legal tender in the UK.

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.

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.

«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.

«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.»