Bitcoin as Legal Tender - Legal and Technical Challenges ...
Is Bitcoin Legal?
France officially recognizes bitcoin as a legal tender ...
China Dumps Dollar, Declares Bitcoin, Ethereum Legal ...
Bitcoin - The Currency of the Internet
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There are many tiny countries or "micronations" that could easily decide to make bitcoin their "legal tender." Which would be the best one to target? edit: Based on my readings from the IRS, bitcoin is currently classified as a virtual currency in part because "it does not have legal tender status in any jurisdiction" and is therefore treated as property rather than currency. This classification means that any exchange of bitcoin is a taxable event. IF bitcoin were to gain legal tender status in a single jurisdiction, it would no longer fall under the IRS guidelines for "virtual currency" and must instead be considered currency. This is important because the "taxpayer's relief act of 1997" says:
If nonfunctional currency is disposed of by an individual in any transaction, and such transaction is a personal transaction, no gain shall be recognized for purposes of this subtitle by reason of changes in exchange rates after such currency was acquired by such individual and before such disposition. The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.
Using the definition of legal tender as: A medium of payment recognized by a legal system that may be offered in payment of a debt and that a creditor must accept. Is bitcoin really legal tender in Japan now. News articles are giving conflicting info.
I see that more and more business around the world are accepting bitcoin. How is that legal? Aren't legal tenders regulated by the state? For instance, German Finance Ministry is recognizing bitcoin as a “unit of account”, which means you can use bitcoin legally in Germany. But, what about other countries where bitcoin is not recognized by the government? For instance, has US government recognised bitcoin as a legal mean of paying for sandwiches in Subway? If not, aren't then those Subways breaking the law by accepting non-legal tender as a medium of payment? What about Russia, where Ruble is the only legal tender? How come merchants there can accept some "internet money" legaly? I'm confused :-( clarification: in at least one country (my own - Croatia), a bartender in a caffee is legally prohibited from accepting currency of another country (for instance, euro) as a payment for your coffee. I'd be surprised if Croatia is unique in the world in this respect.
Dumb question: What happens if a country makes Bitcoin legal tender?
I was just reading over Notice 2014-21, which gives extra guidance from the IRS about virtual currencies and the tax code. Here is how the notice defines virtual currency:
Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” currency -- i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance--but it does not have legal tender status in any jurisdiction.
So if anywhere on Earth decides to make Bitcoin legal tender, it no longer fits the IRS's definition of virtual currency, and capital gains rules no longer apply, because it is "officially" a currency and no longer a mere asset? That seems like an interesting ray of light in this discussion. One poor nation makes bitcoin legal tender, and the IRS rules governing it change? Haven't heard much said about that.
We should get exposure in Japan. Bitcoin is already legal tender there.
I feel like a country that we could very well have exposure in is Japan because there's probably the most familiar with bitcoin and its deficiencies. They already made bitcoin legal tender there, but think about if they made Raiblocks legal there too. Even more people over there would look into it because of how instant it is for both in person and online transactions compared to traditional methods. Lmk what you guys think
Bitcoin is generally not considered legal tender. KEY TAKEAWAYS As of February 2020, Bitcoin was legal in the U.S., Japan, the U.K., Canada, and most other developed countries. The thing is, this feature is exactly what makes Bitcoin not recognized as money in Malaysia (or “not legal tender” as the law puts it). Just like these ancient coins. Image from ngccoin. In Malaysia, what’s recognized as currency is controlled by the Central Bank of Malaysia Act 2009 (CBMA 2009), and Part III of the Central Bank of Malaysia Act 1958 (CBMA 1958). Under Section 20 of the ... China Dumps Dollar, Declares Bitcoin, Ethereum Legal Tenders. Cryptocurrencies. China Dumps Dollar, Declares Bitcoin, Ethereum Legal Tenders. by EDITOR May 10, 2020 May 10, 2020 0 28765. Share 14. BY DAYO ADESULU. China court has on Saturday finally declared the controversial Bitcoin and Ethereum as asset protected by law, adding that it is now legal tender in the land. A few days ago, the ... Bitcoin currently resides in a legal grey area. Neither has its use been strictly declared illegal, nor is it being considered as a legal tender in many jurisdictions. However, the rising speculations and risk factors involved have led to serious growing concerns for law enforcers and regulators regarding its use. According to a report in a local news publication, the Commercial Court of Nanterre of France made a historic decision recognizing bitcoin as legal tender in the country. The ruling relates to a case between French cryptocurrency exchange Paymium and UK-based alternative investments firm BitSpread. Paymium had loaned 1,000 BTC to BitSpread before the Bitcoin Cash hard fork in 2017.
Cryptocurrencies like Bitcoin not legal tender: FM Arun jaitley
Bitcoin Price Reversal, Bitcoin Legal Tender, Bitcoin Gold Manipulation & "Not Legal, But Necessary" The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe ... Cryptocurrencies like Bitcoin not legal tender: Union Finance Minister Arun jaitley -----‘DD News’ is the News Channel of India's Public Service Broadcaster 'Prasar Bharati'. DD News has been ... Class debate for “should bitcoin be a worldwide legal tender” concepts and methods Start Cloud Mining Today: https://www.ccgmining.com/aff.php?aff=52 Bitcoin trade in Japan accounts for about half of the global trade volume. That number has... Check out the Cryptocurrency Technical Analysis Academy here: https://bit.ly/2NykhOQ - - - If you enjoyed the video, please leave a like, and subscribe!