Sentences with phrase «legal tender in the country»

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

As such, they are not considered legal tender in the country.

When Japan made Bitcoin legal tender in their country on 1 April 2017, it energized the market and adoption by Consumers, Merchants, Investors as well as Institutional Investors is gaining more momentum.

The U.S. dollar is also used as legal tender in countries which either do not issue currencies of their own, or have found the stable dollar preferable to their own currency.

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.

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.

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.

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

KUALA LUMPUR (Reuters)- Malaysia's central bank on Thursday said it had issued draft regulations for digital currency businesses, but said that such currencies were still not legal tender in the country.

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

In November 2017, he announced that the FSS will not directly supervise the operations and activities of digital currency exchanges since the virtual currencies being traded are not legal tender in the country.

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.

KUALA LUMPUR (Reuters)- Malaysia's central bank on Thursday said it had issued draft regulations for digital currency businesses, but said that such currencies were still not legal tender in the country.

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.

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

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.

Pakistan's central bank says virtual currencies like Bitcoin, Litecoin, Pakcoin, Onecoin, Dascoin, Pay Diamond, and tokens from initial coin offerings are not legal tender in the country.

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

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.

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

According to Indeed, India can look forward to a truly digital economy, despite Finance Minister Arun Jaitley's recent confirmation that cryptocurrencies are not a legal tender in country.

What do you think, India will ever announce the cryptocurrencies as legal tender in the country?