Sentences with phrase «legal tender issued»

«The end - game solution is that central banks will be able to use legal tender issued on the blockchain, with all the checks and balances you'd have with regulated financial institutions.»

«The end - game solution is that central banks will be able to use legal tender issued on the blockchain, with all the checks and balances you'd have with regulated financial institutions,» Bitt co-founder Oliver Gale said of the project.

Not exact matches

Intended only as a collector's item, the digital coins won't be issued with a view to entering into circulation and can't be used as legal tender, the bank said.

It makes note that virtual currencies are not issued through a monetary authority and, as such, lack the characteristics of legal tender, so they can not be circulated as currency.

Fiat money is government - issued currency that is declared legal tender but is not backed by a physical commodity.

The Bank of Israel and the ministry stress that digital currencies are not legal tender, nor are they issued or backed by a central bank, which means there is not legal requirement for anyone to accept or exchange them.

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.»

Soon, Banque Générale had issued vast quantities of bank notes even though they did not have an equivalent amount of gold and silver - based legal tender for everyone who eventually wished to redeem their notes.

«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.

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.

In the United States, the recognized legal tender consists of U.S. dollars and coins issued by the Federal Reserve.

The purpose of the tendered Amicus brief was to bring to the courts attention important legal issues that affect all members of the judiciary.

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).

A consortium of Kocian Solc Balastik, PwC Legal Germany, PwC Legal Czech Republic, and Heuking Kuhn Luer Wojtek has won a tender to advise the European Global Navigation Satellite Systems Agency on public procurement law, competition law, and contract management issues.

And the Marshall Islands have issued the first cryptocurrency that will serve as a sovereign nation's legal tender.

The Republic of the Marshall Islands (RMI), an island country located near the equator in the Pacific Ocean with a population of about 50,000, is poised to become the first sovereign nation to issue a cryptocurrency that will be legal tender.

Hogeg plans to do this by issuing a new cryptocurrency and selling some of it to investors in exchange for legal tender or other cryptocurrencies, such as Bitcoin.

In an ICO a percentage of the newly issued cryptocurrency is sold to investors in exchange for legal tender or other cryptocurrencies such as Bitcoin.

Official legislation only acknowledges notes and coins issued by the Bank of Canada as legal tender, which automatically excludes digital currency.

The Republic of the Marshall Islands intends to issue the Sovereign, or SOV, to supplement the U.S. dollar as its legal tender.

Elsewhere in the notice, the Ministry emphasized that India doesn't recognize any cryptocurrency as a legal tender and that no license is issued in the country to authorize any cryptocurrency exchange.

The lead cryptocurrency researcher at the People's Bank of China has said it is «crucial» to issue digital legal tender as soon as possible.

After allegedly declaring bitcoin illegal, the Bank of Thailand issued a backtracking statement in 2014, clarifying that it is not legal tender (but not technically illegal), and warning of the risks.

The Indian central bank has issued a couple of official warnings on bitcoin, and at the end of 2017 the country's finance minister clarified in an interview that bitcoin is not legal tender.

Back in 2015, the Central Bank of Kenya (CBK) issued a statement that warned against the use of bitcoin saying it was not a legal tender and could be used as a conduit for money laundering and terrorism financing.

Bitcoin does not come under the ambit of currency, legal tender or foreign exchange and the RBI hasn't come up with guidelines on this yet, except for the warning it issued in December 2013.

Although Bitcoin is referred to as a «currency», it is not issued by a monetary authority and does not have the legal tender status of a currency, so it is not at all money in the true sense.

(RMI) to issue a new cryptocurrency that will act as legal tender for the sovereign nation.

In the latter case, the issue then becomes how best to change legal tender into Bitcoins.

In an ICO, a specific part of the currently issued cryptocurrency is sold to investors in exchange for any legal tender or any other cryptocurrency.

Y - combinator Israeli fintech startup Neema is partnering with the Republic of the Marshall Islands (RMI) to issue a new cryptocurrency that will act as legal tender for the sovereign nation.

«The purpose of this Act is to declare and issue a digital decentralized currency based on blockchain technology as legal tender of the Republic of Marshall Islands,» reads the bill, posted in the Sovereign's official Telegram channel.

Through cautionary statements and pronouncements of bitcoin not being legal tender, the Reserve Bank of India too has been very active, rhetorically, issuing press releases and commissioning studies.