Sentences with phrase «not legal currency»

Earlier this year in April, Japan passed a long discussed law that recognizes Bitcoin and other cryptocurrencies as means of payment that «are not legal currency», as Japan's Payment Services Act reads.

According to Reuters, Lee Ju - yeol, governor of Bank of Korea said in a news conference on Thursday that while cryptocurrency so far is not a legal currency, the bank has been involved in researching a central bank - issued cryptocurrency.

The statement also noted that «virtual currency is not legal currency and nobody guarantees [its] value.»

The Monetary Authority of Macau reminds all Macau residents that cryptocurrencies are virtual products, but not legal currencies or financial tools.

«Digital tokens like bitcoin, ethereum that are stateless, do not have sovereign endorsement, a qualified issuing body or a country's trust, are not legal currencies and should not be spoken of as digital currencies,» he said.

Not exact matches

The world's most popular digital currency exchange, Coinbase, is under fire from angry customers over its decision not to support a new version of bitcoin that could also make it vulnerable to «ruinous legal trouble,» according to a prominent legal scholar.

Federal Reserve Chair Janet Yellen called the digital currency bitcoin a «highly speculative asset» that «doesn't constitute legal tender.»

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.

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.

«Payments made with virtual currencies are not only irreversible,» the report continues, «they also do not have the same legal protections as most traditional payment methods, such as the ones you have when using a credit card.»

Being at war is worse for a currency than not being at war, whether you're fighting the world's financial authorities for legal validity, or engaged in a guerrilla skirmish as either aggressor or victim.

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.

In particular, virtual currency does not have legal tender status in any jurisdiction.

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.»

It is not contractually backed by assets or legal currency laws, it is not controlled by a central authority and it is not a tangible good.

««Virtual currencies» means a digital representation of value that is neither issued by a central bank or a public authority, not attached to a legally established currency, which does not possess the legal status of currency or money, but is accepted by natural or legal persons as a means of exchange or for other purposes, and can be transferred, stored or traded electronically.

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.

@Cat, I'm not a lawyer or anything like that, but why does it matter whether it is a legal currency or not?

With virtual currency gaining traction among investors, Finance Minister Arun Jaitley today said India does not recognise cryptocurrency as legal tender.

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.

Not only this, but the regulatory agency has also stated that in the country of Columbia, the only medium of exchange that is deemed as legal consists of the country's fiat currency, issued by the Bank of the Republic.

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.

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.

Because bitcoin is unlike other currencies, its legal status is not always clear.

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.

«This (virtual money) is a parallel currency system developing and it is not legal.

The far - right politician reportedly wants France to dump the euro and adopt a new version of the French franc, which hasn't been used as legal currency since 2002.

In some environments, it operates like «real» currency... but it does not have legal tender status [in the U.S.].

The definition of «fiat money» is a currency that is legal tender but not backed by a physical commodity.

On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are «a currency or a form of money» (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction, [274][274] and Germany's Finance Ministry subsumed bitcoins under the term «unit of account» — a financial instrument — though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.

[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.

Don't get swindled by counterfitters or people unknowingly carrying fake money, look out for these security features to know the money in your hands is real, official, legal United States currency.

«Systems for anonymous payments and cyber currencies that have gained considerable circulation - including the most well - known, Bitcoin - are money substitutes and can not be used by individuals or legal entities,» a statement by the Russian Prosecutor General's Office read.

Bitcoin companies proffering virtual currency wallets often don't fuse well with legal matters, as such, they often face a difficult legal quandary: do they have to operate as a financial institution, likened to a bank, with all its regulations intact, or can these companies operate under a different type of outfit?

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;

While the founder of the Silk Road sits on trial and many wonder if there is a legal application for bitcoin as a currency, the price per unit has been falling sharply for three months and miners can't afford to stay in business.

«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.

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.

«In particular, given that digital currencies such as Bitcoin are not regulated and do not have a centralized issuer, users bear all of the risks themselves and have no legal recourse should they wish to reverse a bitcoin transaction,» the Bank of Canada noted.

1: Have no other gods — NOT A LAW = > In God we trust is on our legal currency 2: Make no graven image — NOT A LAW = > intellectual property is a God to many, we have tones of laws protecting against false copies 3: Don't take the name in vain — NOT A LAW = > false testimony is a crime as is swearing in some states 4: Honor the Sabbath — NOT A LAW = > employment law in many states prohibits forced labor on religious days 5: Honor thy father and mother — NOT A LAW = > minors have limited right to transact commerce under 19.

1: Have no other gods — NOT A LAW = > In God we trust is on our legal currency (Totally irrelevent.

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.