Sentences with phrase «legal tender in the country by»

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.

Not exact matches

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.

Virtual currency is not legal tender, is not backed by the government except in few countries like Japan, and accounts and value balances are not subject to consumer protections.

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.

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.

India does not regard Bitcoin as legal tender, China is cracking down on digital currencies, while Korea is planning a bill that would ban all cryptocurrency trading in the country, as pointed out by The Verge.

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.