Sentences with phrase «legal tender status 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.»

Still this negative portrayal of bitcoin trading shows that, at least in the short run, bitcoin in China will have difficulty gaining legal tender status as a payment tool, as opposed to the acceptance that it is seeing in Japan.

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.»

Not exact matches

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 proposal defines «virtual currencies» as a digital representation of value that can be digitally transferred, stored or traded and accepted by natural or legal persons as a medium of exchange, but does not have legal tender status.

Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status.

In some environments, it operates like «real» currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance — but it does not have legal tender status in any jurisdiction...... Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual currency.

Overall, the public statements aimed to serve as a reminder to citizens who may be considering the digital currency as an investment, and both quoted a government circular released in 2013 saying that bitcoin is a virtual good and doesn't have legal tender status.

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.

«In some environments, virtual currency operates like «real» currency - i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance - but it does not have legal tender status in any jurisdiction.

In some environments, virtual currency operates like «real» currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance — but it does not have legal tender status in any jurisdiction.

Some countries that allow or tolerate cryptocurrencies have chosen to treat them as foreign currencies, sometimes with the status of legal tender; while others have denied them currency status but consider them valuable property.