Sentences with phrase «only legal currency»
The document emphasizes the status of the ruble as «the only legal currency in the Russian Federation».
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Many virtual currencies are trying to dislodge the British pound but «only sterling is legal tender in the UK,» Carney said in another March speech.
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.
University of Nicosia in Cyprus announced today that it will accept the digital - only currency as legal tender for tuition and fees.
«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.»
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.»
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.
«We will only process fiat currency - based transactions,» he said, referring to currencies that are issued by governments as legal money, such as the U.S. dollar.
That is why, currency trading is suitable only for people who understand and allow the economical, legal and other risks associated with such dealings, and is able to withstand financial losses.
According to FSS head Choe Heung - sik, «supervision will come only after the legal recognition of digital tokens as a legitimate currency.»
There are only two fundamental differences between bitcoin and national currencies: (1) bitcoin is issued by an algorithm rather than a central bank so predictable machines rather than arbitrary humans control the «printing» and the total amount of bitcoin; (2) creditors can sue you if you present bitcoin to settle a debt denominated in national currency but if you present the currency it will be a defence to the creditor's suit under some form of a «legal tender» statute (Currency Act, RSC 1985, c C - 52 in Canada; 31 U.S. Code § 5103 in currency but if you present the currency it will be a defence to the creditor's suit under some form of a «legal tender» statute (Currency Act, RSC 1985, c C - 52 in Canada; 31 U.S. Code § 5103 in currency it will be a defence to the creditor's suit under some form of a «legal tender» statute (Currency Act, RSC 1985, c C - 52 in Canada; 31 U.S. Code § 5103 in Currency Act, RSC 1985, c C - 52 in Canada; 31 U.S. Code § 5103 in the US).
Official legislation only acknowledges notes and coins issued by the Bank of Canada as legal tender, which automatically excludes digital currency.
The new law defines virtual currencies as «asset - like values,» allowing digital money to be used not only to buy goods and services but also as an alternative for legal tender through purchases and trades.
Smart contracts will only be able to make fiat currency payments when some representation of fiat is put onto a blockchain or distributed ledger, by an entity with the legal ability to do this, whether it's a commercial bank or central bank or payments institution.
The only way out here is Bitcoins and other digital currencies to be put under a new asset class defined for them and thereby create a legal framework around it.
This has created a vacuum which can be filled only when the Indian policymakers come out with their own virtual currency form which will follow the legal route to be given the title of a fiat cryptocurrency.
Sputnik: The Russia government has discussed the idea to introduce the so - called «CryptoRuble,» which would be the only legal digital currency in Russia and would be taxed just like the Russian ruble.
However, the ministry says companies have been taking advantage of legal loopholes that only require parties to declare yen or foreign currency transactions of USD 283,000 or more — and failing to declare crypto deals.
It is our understanding that only currency notes and coins are legal tender.