They may
not be legal tender yet, but they're also not backed by any sort of physical commodity.
It said that extrapolating meaning of an asset
not being legal tender as illegal is irresponsible.
«
Not being legal tender is not the same as it being illegal,» explained Rishabh Sinha, a counsel at law firm TRA.
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.
Not exact matches
She asked them to consider a safe harbor for virtual currency startups, and to consider only regulating exchanges that change so - called fiat currencies — or
legal tender that
's not backed by physical commodities like gold — into virtual ones.
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.
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.
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.»
Russia previously revealed that its central bank
was developing a national cryptocurrency and that it would
not recognize others like bitcoin as
legal tender.
Fiat money
is government - issued currency that
is declared
legal tender but
is not backed by a physical commodity.
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.&raqu
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.&raqu
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.&raqu
Is not recognized as
legal tender by the United States government.»
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.
I
'm not saying what Kim done
was right, the point I
'm trying to make
are to make these currencies a nationwide
legal tender if we
're going after those who steals it.
Bitcoin
is not legal tender, so it should
not be just another revenue stream for the state.
The watchdog based its decision on the fact that it does
not consider digital currencies to
be a substitute for money, as they
are not legal tender in the country.
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.
Since bitcoin
is not yet considered
legal tender in Germany, employers using PEY will
be able to offer bitcoin as a tax - free benefit to their employees.
Finance minister going all out against Bitcoin and other cryptocurrencies
is definitely a reason for grave concern for the Indian cryptocurrency investors as he said that the government does
not consider these virtual currencies as a
legal tender.
However, bitcoin can
not be placed in the same category since it
is not legal tender and has very few uses outside its trading zone, thereby making investors holding the currency that has zero value extremely vulnerable to potential risks.
The Judgment C - 264 / 14 declared that bitcoin and cryptocurrencies
are VAT exempt as currency, although
not legal tender.
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 definition of «fiat money»
is a currency that
is legal tender but
not backed by a physical commodity.
[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.
Virtual currency
is not legal tender,
is not backed by the government, and accounts and value balances
are not subject to consumer protections.
She mentions it
is not legal tender — Your thoughts?
A gift of virtual currency, such as bitcoin, to charity or a donor - advised fund
is not recognized by the IRS as
legal tender.
Digital currency
is not legal tender,
is not backed by the government, and accounts and value balances
are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections;
«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.
We know it wasn't bank printed notes and we know it wasn't the
legal tender or monetary coin held by the banks so, what
was it?
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.
It must
be emphasised that gold, stocks, bonds, and other such assets
are also
not legal tender.
I can't imagine that you deliberately ran over the remote control car, nor
is paying in
legal tender (regardless of the denomination) an offensive thing to do.
«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 a circular dated January 12, 2017, the apex bank told the DMBs and other financial institutions that the digital currencies
were not legal tenders in Nigeria.
May
be not as specific, but no official
legal tender coin
is struck without a law approving it.
I looked this up on Wikipedia, and
was hoping the answer would
be «no - stores can
not refuse
legal tender», but unfortunately, it
's not the case!
Upon further reflection you spelled it «cheque» which means these coins
are not legal tender for you.
However, they
are not legal tender and may
not be accepted in many places.
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.
Scottish bank notes aren't
legal tender... even in Scotland.
would
not be surprised even if treasuries become
legal tender for debt settlement.
In fact, the return of capital via a
tender offer should also provide further reassurance: Shareholders could
be unfairly penalised if they accepted a
tender offer based on incomplete info, and / or an NAV per share that did
not represent market values for all assets (& liabilities)-- potentially exposing the board / company to
legal action.
A check
is not legal tender for debts public and private.
Treasury notes had full
legal tender status and
were not convertible into gold through the Bank; they replaced the gold coin in circulation to prevent a run on sterling and to enable raw material purchases for armament production.
A new # 1 coin, dubbed the most secure coin in the world, has become
legal tender in Britain today, but it won't
be in full circulation for a few weeks.
Since Panama does
not print its own paper currency, the U.S. dollar
is legal tender in Panama.
Many pieces in the collection
are not in fact
legal tender, yet they function as a means of payment in their mutual acceptance by exchanging parties.