Bitcoin Now Legal Tender in Germany
Who ever said Bitcoin was make-believe Internet money? The digital currency, as it were, is now considered to be legal tender in Germany. A report from Progress.org indicated that Bitcoin has been deemed to be a "unit of account" by the German Finance Ministry. Frank Schaeffler of the German Parliament Finance Committee said, "We should have competition in the production of money. I have long been a proponent of Friedrich August von Hayek scheme to denationalize money. Bitcoins are a first step in this direction." "A free country should resist and not intervene in citizen's private choice....
Related News
Back in August, Germany became the first country in the world to recognize Bitcoin as “private money.” Note this is not the same as legal tender. This, perhaps above all, is seen as legitimizing Bitcoin’s image worldwide, where prevailing narratives before mid-2013 or so focused on Silk Road and money launderers. In Germany itself, Bitcoin spenders and businesspeople are now free to engage in digital commerce without the fear that their activities put them on the wrong side of the law. But this designation has further implications in Germany and Europe. First, the currency’s decentralized....
The bill to make bitcoin legal tender in El Salvador has been approved by a supermajority in the Salvadoran Congress. “The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the bill describes. Bill to Make Bitcoin Legal Tender Approved by Congress in El Salvador The bill to make bitcoin legal tender has passed Congress in El Salvador. President Nayib Bukele announced via Twitter early Wednesday morning: “The....
A Canadian government official has said bitcoin is not considered legal tender in the country, according to a report in the Wall Street Journal. "Only Canadian bank notes and coins are recognized as legal tender in Canada. Bitcoin digital 'currency' is not legal tender in Canada," the official reportedly wrote in an email. The official from the Department of Finance, who was not named in the article, went on to say the federal government and Canadian regulators would "continue to monitor developments involving virtual currencies" but would not say whether the government would officially....
"You can buy gold, diamond, crypto, but that will have not have the value authorization by government," said T.V. Somanathan. T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the possibility of using them as legal tender.According to a Wednesday tweet from Asian News International, Somanathan said that a digital rupee backed by the Reserve Bank of India, or RBI, will be accepted as legal tender, but major cryptocurrencies have no chance of doing so.....
Last week, Ukraine legalized cryptocurrency in a near-unanimous vote. And it looks like the former Soviet bloc republic is taking things a step further by making Bitcoin legal tender. Legal tender refers to a lawfully recognized means of exchange to settle a debt or meet a financial obligation. In other words, if enacted, Bitcoin would […]