Sentences with phrase «own legal tender»

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.

View on bitcoin: Not legal tender.

«Only sterling is legal tender in the UK,» according to Carney (pictured above).

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.

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.

«When bills come due, only cash is legal tender.

Japanese authorities recognized bitcoin as legal tender last April and require cryptocurrency exchanges to register with the government.

The Mint refused to grant the coin the dignity of becoming a low circulated collectible like its cousin the half - dollar and announced it will begin withdrawing them from circulation in the fall, though the one - cent piece will remain legal tender and retain its value indefinitely.

«The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto - assets in financing illegitimate activities or as part of the payment system,» Arun Jaitley told lawmakers in New Delhi, according to a transcript by The Hindu newspaper.

Indian Finance Minister Arun Jaitley said the country does not recognize cryptocurrency as legal tender.

University of Nicosia in Cyprus announced today that it will accept the digital - only currency as legal tender for tuition and fees.

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.

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.

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.

In Japan, Bitcoin has been recognized as legal tender, and financial regulators have officially recognized multiple cryptocurrency exchange operators.

«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.

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

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.

Russia previously revealed that its central bank was developing a national cryptocurrency and that it would not recognize others like bitcoin as legal tender.

«The Government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.»

Fiat money is government - issued currency that is declared legal tender but is not backed by a physical commodity.

There is no «Bitland» where a government has declared it legal tender to buy goods and services and pay taxes.

It does not have legal tender status in any jurisdiction.

All accept dollars because the U.S. government declares those to be «legal tender for all debts public and private.»

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.»

From 2007 - 2009 and also again in 2011 the Royal Canadian Mint also put out a.99999 Canadian Gold Maple Leaf with a legal tender value of 200 dollars.

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.

The Pacific island nation said it became the first country in the world to recognize a cryptocurrency as its legal tender...

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».

Bitcoin is not legal tender, so it should not be just another revenue stream for the state.

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

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.

The confidence in Bitcoin may break as a result of unexpected changes such as: unfavorable legal regulations, banning electronic legal tenders, introducing the prohibition on trading in virtual currency in specific areas, imposing high taxes, creating competitive alternative currencies, deflation, and other factors which may significantly affect the shaping of the exchange rate of Bitcoin against other currencies.

Last April, Japanese authorities acknowledged bitcoin as a legal tender and stated that they would entail cryptocurrency exchanges to register with the Government.There are 16 cryptocurrency exchanges in Japan which have registered with Japan's Financial Services Agency (FSA).

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»

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.

Besides legal tenders such as Dollar, Ruble, Euro, RMB, and virtual currencies such as Bitcoin, Litecoin, LNC also can be exchanged with indirect currencies such as gold, silver and valuable financial derivatives.

Given that Japan declared cryptocurrencies as legal tender, the picture remains dubious.