Sentences with phrase «legal tender such»
A number of central banks are seriously studying whether digital currencies backed by global central banks can be used as a legal tender such as the Indian central bank.
https://www.finextra.com/
Using fiat currency means you use everyday legal tender such US Dollars, Euros or your local currency to purchase Ether from verified sellers.
Besides legal tenders such as Dollar, Ruble, Euro, RMB, and virtual currencies such as Bitcoin, Litecoin, LNC also can be exchanged with indirect currencies such as gold, silver and valuable financial derivatives.
Not exact matches
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.
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.
[65] It classified digital currencies and other digital payment systems such as bitcoin as «virtual currencies» because they are not legal tender under any sovereign jurisdiction.
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.
It must be emphasised that gold, stocks, bonds, and other such assets are also not legal tender.
The IAMAI panel statement said that every citizen and business in this country should play their role in eliminating financing of illegitimate activities, regardless of whether such financing is done using legal tender, cryptocurrency, gold, or any other medium.
«The CBN reiterates that the VCs such as bitcoin, ripples, monero, litecoin, dogecion, onecoin, etc and similar products are not legal tenders in Nigeria, thus any bank or institution that transacts in such businesses does so as its own risk.»
In most countries cryptocurrencies are not recognised as legal tender and are only regulated to the extent that they fit within existing laws, such as tax laws.
Legal tender technically just means that by law it can not be refused as a settlement of debt, so a store can accept any currency it likes — such as euros — if it decided to.
Fortunately, such were the problems with the duty tenders, at least for this Parliament competitive tendering for criminal legal aid is unlikely to be resurrected, but a further clash with criminal legal aid firms is on the horizon.
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.
The Indian government is unlikely to criminalize the holding and trading of cryptocurrencies, especially now that world leaders such as Japan and Germany have already embraced their use as legal tender, with the United States only recently announcing the launch of bitcoin futures in November 2017.
Included in this category are questions such as whether cryptocurrencies are legal tender, or how to regulate decentralized applications.
Digital currency such as Bitcoin is not legal tender.
In January 2018, India's Finance Minister Arun Jaitley told the Indian parliament, «Bitcoins or such cryptocurrencies are not legal tender and those indulging in such transactions are doing it at their own risk.»
the Indian parliament, «Bitcoins or such cryptocurrencies are not legal tender and those indulging in such transactions are doing it at their own risk.»
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.
No token, bill, virtual currency, or counterfeit money, whose purpose it is to parody legal tender or otherwise serve as a novelty, and where such can be demonstrated beyond a reasonable doubt, shall be subject to taxation, regulation, or licensing by any branch of government, but shall instead enjoy free and unrestricted exchange.
It said while it has taken notice of recent developments in the use, holding, and trading of virtual or digital currencies (also known as cryptocurrencies), such as Bitcoin in Ghana, it is not legal tender and it is not regulated.
Countries such as Japan and the Philippines have completely legalized Bitcoin as legal tender and are set to drop any special taxes for Bitcoin investors.
On January 2, 2018, Finance Minister Arun Jaitley answered questions before Indian parliament, in which he stated that «bitcoins or such cryptocurrencies are not legal tender and those indulging in such transactions are doing it at their own risk.»
questions before Indian parliament, in which he stated that «bitcoins or such cryptocurrencies are not legal tender and those indulging in such transactions are doing it at their own risk.»
Finance Minister of India, Shri Arun Jaitley, also made it clear that, «At present, the Government of India does not recognises cryptocurrencies such as Bitcoin as legal tender».
Due to this fact, the public is informed that virtual currencies such as Bitcoin are not legal tender nor authorized payment instruments to operate in Namibia.
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.
«virtual currencies such as bitcoin are not legal tender in Kenya and therefore no legal protection exists in the event that the platform that exchanges or hold the virtual currency fails or goes out of business...»
His speech echoed the fact that Indian government does in no way recognise Cryptocurrencies such as Bitcoin same as a legal tender but is equally welcoming towards the spread of blockchain technology for pioneering payment gateways.
«Every citizen and business in this country should play their role in eliminating financing of illegitimate activities, regardless of whether such financing is done using legal tender, cryptocurrency, gold or any other medium.
«During question hour in Rajya Sabha on Jan. 2, 2018, the Finance Minister had made the exact same point, where he stated that, «Bitcoins or such cryptocurrencies are not legal tender.»
Just as news - driven events have been a positive for bitcoin, such as Japan allowing it to be accepted as legal tender last year, news events can also drag bitcoin down.
The Bitcoin can be exchanged for either fiat money (legal tender) or other alternative cryptocurrencies such as Ethereum.