Sentences with phrase «legal tender of»
«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.
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Japan, after recognizing Bitcoin as a legal tender of money, witnessed huge mass adoption.
Bitcoin prices are continuously rising and the major reasons for it is countries around the world are starting to recognize it as a legal tender of money.
Australia accepts Bitcoins as legal tender Australia has now recognized Bitcoins as legal tender of Money.
Australia has now recognized Bitcoins as legal tender of Money.
India has still yet to give it's decision regarding regulation of Bitcoin and it's acceptance as legal tender of money.
Looking at Japan other countries are also starting to recognize Bitcoin as a legal tender of money.
Bitcoin was legalized in Australia and is now a legal tender of money.
Not exact matches
Uber reported its financials to shareholders as part of a formal tender offer, revealing a loss as it faces fierce competition, legal challenges, and regulatory scrutiny.
The Mint refused to grant the coin the dignity of becoming a low circulated collectible like its cousin the half - dollar and announced it will begin withdrawing them from circulation in the fall, though the one - cent piece will remain legal tender and retain its value indefinitely.
«The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto - assets in financing illegitimate activities or as part of the payment system,» Arun Jaitley told lawmakers in New Delhi, according to a transcript by The Hindu newspaper.
University of Nicosia in Cyprus announced today that it will accept the digital - only currency as legal tender for tuition and fees.
Mentions of «cryptocurrency» (digital currencies not tied to any country's legal tender) and related terms including «bitcoin» and «ethereum» (the two most popular cryptocurrencies), «blockchain» (the technology underlying these currencies), and «initial coin offering» (or ICO, which lets companies raise capital through the creation of a new cryptocurrency) have skyrocketed over the last seven years, according to data from Sentieo, a financial research firm.
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 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.
Until one or more cryptocurrencies are accepted as legal and practical tender, cryptocurrency is no medium of exchange; it's a classic object of speculation.
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.
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.
«From the date of release of this Notice, any so - called platform that provide trading and exchange services for coin offering shall not engage in exchange businesses between legal tender and token or «virtual currency»; or engage in proprietary trading activities or trading as an central counterparty of tokens or «virtual currencies»; or provide pricing services or act as information intermediary for tokens or «virtual currencies.»»
The bill defines virtual currency as «a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government.»
The company would have to file a notice with the regulatory department; pay a registration fee of $ 250; provide evidence of registration with FinCEN as a money services business; agree to not invest or pledge virtual currency in its custody or control on behalf of others or to engage in the exchange or transfer of legal tender; and prove its policies for reporting, disclosures, and compliance.
«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.
«The Government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.»
At only two pages, the concise bill is not very substantive, save for a brief classification of «virtual currency» as «any type of digital representation of value that; 1) Is used as a medium of exchange, unit of account or store or value; and 2) Is not recognized as legal tender by the United States government.»
From 2007 - 2009 and also again in 2011 the Royal Canadian Mint also put out a.99999 Canadian Gold Maple Leaf with a legal tender value of 200 dollars.
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.
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.»
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.
The confidence in Bitcoin may break as a result of unexpected changes such as: unfavorable legal regulations, banning electronic legal tenders, introducing the prohibition on trading in virtual currency in specific areas, imposing high taxes, creating competitive alternative currencies, deflation, and other factors which may significantly affect the shaping of the exchange rate of Bitcoin against other currencies.
This is a natural response from governments to a new medium of exchange, which could end up competing with their own legal tender, commodities and other assets as a store of value and alternative method... Read more»
For small business owners contemplating adding alternative payment solutions to their menu of legal tender, consider these tips: Don't be intimidated Just because the payment solution you're offering is not the tried - and - true standard exemplified by cash or credit, that doesn't mean its implementation will be difficult.
The press release indicates that Bitt Inc.'s software is capable of minting immutable DXCDs, and that with the ECCB's blessing, these digital tokens would be considered «legal tender» across the ECCU.
They may not be legal tender yet, but they're also not backed by any sort of physical commodity.
The definition of «fiat money» is a currency that is legal tender but not backed by a physical commodity.
«The Government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto - assets in financing illegitimate activities or as part of the payment system.»
«As part of the new Regulations, an official joint announcement will be released during the upcoming PBOC press conference making it clear that neither the People's Bank of China nor the Hong Kong Monetary Authority recognises Bitcoin or any other virtual currency as legal tender, thus, making its use as an official currency to settle debts and financial obligations illegal.
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.
It's government required use of money, legal tender laws, and the ability to print money that's unbacked by any kind of commodity.
It carries with its officialdom the claim of being legal tender guaranteed to have the the weight and purity (1 troy ounce.9995 platinum) by the Royal Canadian Mint and the government of Canada.
Japan just on April 1st made Bitcoin legal tender, you know as good as the yen in the country, so think of that impact.
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.»
A gift of virtual currency, such as bitcoin, to charity or a donor - advised fund is not recognized by the IRS as legal tender.
Also acceptable are minimum.9995 fine platinum legal tender bullion coins such as the Australian Koala, Canadian Maple Leaf, Isle of Man Cat, and Isle of Man Noble.
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.»
«It is not a stable source of value, and it doesn't constitute legal tender,» she told reporters at her last press conference as leader of the central bank.
It said that extrapolating meaning of an asset not being legal tender as illegal is irresponsible.
«The government does not consider crypto - currencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system,» Jaitley said.