Sentences with phrase «not being legal tender»

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 being legal tender is not the same as it being illegal,» explained Rishabh Sinha, a counsel at law firm TRA.

It said that extrapolating meaning of an asset not being legal tender as illegal is irresponsible.

They may not be legal tender yet, but they're also not backed by any sort of physical commodity.

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.&raquis 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.&raquIs 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.&raquIs 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.

It is not legal tender.

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.