Sentences with phrase «of being legal tender»

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.&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.

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.