Digital Currency Could Soon Become Legal Tender In Macau – Here’s How
Macau is inching closer to the eventual adoption of a digital currency as it strives to develop a more comprehensive set of measures to prevent the flow of dirty money and tax evasion in the largest gambling hotspot in the planet. Macau’s executive committee has recently deliberated on a draft measure whose objective is to incorporate digital currency […]
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Macau, one of China’s special administrative regions, recently concluded discussing a bill that seeks to make digital currencies legal tender, a report has said. The report also suggested that individuals who reject or refuse to accept legal tender will be fined between $123 and $1,230.
Improving Macau’s Legal System
An executive council of Macau, an autonomous region on China’s south coast, recently completed discussing the draft bill proposing to include digital forms of currency in its basket of financial instruments that are accepted as legal tender. As....
Per a report from Barron’s, FTX CEO Sam Bankman-Fried and other subsidiaries of these platforms are under investigation by the Texas securities regulator. The executive and affiliated entities will be under probe for their alleged offering of unregistered securities. Related Reading: Digital Currency Could Soon Become Legal Tender In Macau – Here’s How The Texas […]
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.....
While most governments today will scoff at the idea of considering bitcoin to be legal tending, Australia is closely monitoring developments in the growth of this digital currency. And while they share the sentiments of other world governments in that bitcoin is not legal tender, they aren't nailing shut the door on the possibility that it could happen in the future. Speaking at an inquiry on Wednesday, Australian tax commissioner, Chris Jordan, said that bitcoin does not meet the current definition of legal tender, according to The Guardian. That could change in the future, though,....