It carries with its officialdom the claim
of being legal tender guaranteed to have the the weight and purity (1 troy ounce.9995 platinum) by the Royal Canadian Mint and the government of Canada.
Not exact matches
In order for bitcoin to
be a real currency, Adeney claims, it must
be three things: easy and frictionless for trading between people, widely accepted as a
legal tender for all debts (both public and private) and stable in terms
of value.
Sweden could eventually «reach a situation where
legal tender is no longer an efficient medium
of exchange for commercial transactions and that it
is a situation that no other country has
been in before,» Skingsley said.
Until one or more cryptocurrencies
are accepted as
legal and practical
tender, cryptocurrency
is no medium
of exchange; it
's a classic object
of speculation.
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.»
«Virtual currency
is easier to trace, allowing the central bank to monitor its velocity and the whereabouts
of the money and improve its monetary policies accordingly,» added Qian, calling digital
legal tender the «jewel in [the] crown
of FinTech.»
FinCEN's regulations define currency (also referred to as «real» currency) as «the coin and paper money
of the United States or
of any other country that [i]
is designated as
legal tender and that [ii] circulates and [iii]
is customarily used and accepted as a medium
of exchange in the country
of issuance.»
In September 2017, Fan Yifei, deputy governor
of the PBoC, wrote that PBoC efforts to supervise private cryptocurrency and develop digital
legal tender were underway.
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.
So Bitcoin gets none
of the benefits
of being a currency in the state
of New Jersey, but all
of the downside
of being «
legal tender».
The FINCEN definition
of currency: The coin and paper money
of the United States or any other country that
is (1) designated as
legal tender and that (2) circulates and (3)
is customarily accepted as a medium
of exchange in the country
of issuance.»
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.
This
is a natural response from governments to a new medium
of exchange, which could end up competing with their own
legal tender, commodities and other assets as a store
of value and alternative method... Read more»
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 press release indicates that Bitt Inc.'s software
is capable
of minting immutable DXCDs, and that with the ECCB's blessing, these digital tokens would
be considered «
legal tender» across the ECCU.
They may not
be legal tender yet, but they
're also not backed by any sort
of physical commodity.
The definition
of «fiat money»
is a currency that
is legal tender but not backed by a physical commodity.
«As part
of the new Regulations, an official joint announcement will
be released during the upcoming PBOC press conference making it clear that neither the People's Bank
of China nor the Hong Kong Monetary Authority recognises Bitcoin or any other virtual currency as
legal tender, thus, making its use as an official currency to settle debts and financial obligations illegal.
On 5 December 2013, the People's Bank
of China announced in a press release regarding bitcoin regulation that whilst individuals in China
are permitted to freely trade and exchange bitcoins as a commodity, it
is prohibited for Chinese financial banks to operate using bitcoins or for bitcoins to
be used as
legal tender currency, and that entities dealing with bitcoins must track and report suspicious activity to prevent money laundering.
It
's government required use
of money,
legal tender laws, and the ability to print money that
's unbacked by any kind
of commodity.
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.
2 stating «Bitcoin and other virtual currencies
are distinct from «real» currencies, which
are the coin and paper money
of the United States or another country that
are designated as
legal tender, circulate, and
are customarily used and accepted as a medium
of exchange in the country
of issuance.»
«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.
It said that extrapolating meaning
of an asset not
being legal tender as illegal
is irresponsible.
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.
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.
Russian president Vladimir Putin publicly said cryptocurrencies had «serious risks,» and yet he just called for the development
of a new digital currency, the «cryptoruble,» which will
be used as
legal tender throughout the federation.
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.
«Mr Douglas Carswell (Clacton)(Con): I beg to move, That leave
be given to bring in a Bill to amend the Currency and Banknotes Act 1954 to allow banknotes in addition to those issued by the Bank
of England to
be legal tender; and for connected purposes.
-LSB-...] all United States money as identified above
are a valid and
legal offer
of payment for debts when
tendered to a creditor.
The U.S. Treasury said the same thing on the lawfulness
of retailers refusing
legal tender at point
of sale - retailers
are allowed to refuse any denomination
of U.S. currency:
Weeks or months prior to the sale date, a list
of tax sale properties
is made public along with the property's
legal description and the minimum
tender amount (also known as the Cancellation Price).
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.
In fact, confusingly there
are no
legal tender notes in Scotland - Bank
of England notes
are only
legal tender in England and Wales.
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.
Yes, U.S. currency
of any denomination
is «
legal tender FOR ALL DEBTS, public and private.»
As there
is no ATM here — there
are card machines though — it seems that gold would
be an appropriate
legal form
of tender.
The size and shape
of the rectangles repeated throughout the works recall a dollar bill, which Ward has indeed extracted from paper money, removing a margin so thin its removal
is undetectable to the naked eye, allowing the altered bills to remain
legal tender.
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.
Many important elements
of policy support for renewable energy
are common across all regions and incomes, including renewable energy targets and action plans, primary legislation and
legal private ownership
of generation, and financial and regulatory incentives like feed - in tariffs or competitive
tenders.
The intent
of this brand - new market
is ultimately to create carbon - dioxide - equivalent «certificates» that will circulate the world much the way the «
legal tender»
of American dollars do.
Cash
is a socially and legally (
legal tender laws) supported medium
of exchange, store
of value, and unit
of account, not a debt instrument.
This situation
is exactly why we have the concept
of legal tender.
c) Unless the evidence
of a lawyer
is being tendered as expert testimony on the motion, it
is not appropriate for an affidavit to contain
legal opinions or argument.
Legal tender is a form
of payment that must
be accepted to settle a debt.
The proposals, if implemented, will have the effect that many migrants and prisoners will no longer
be eligible for
legal aid; access to judicial review will
be restricted; contracts for criminal work will
be the subject
of competitive
tendering; and fees paid to
legal aid solicitors and barristers will
be reduced, by more than 50 % in some instances.