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Title: Definition of Legal Tender Post by: seafarer124 on January 17, 2014, 02:20:08 PM The CoinBase link below has an interesting point made in the comments section at the end of the article about the definition of "Legal Tender".
Is this definition the same for all countries? http://www.coindesk.com/indonesia-central-bank-warns-bitcoin-use/ Title: Re: Definition of Legal Tender Post by: Foxpup on January 18, 2014, 02:30:06 AM It is pretty similar in all free countries, yes. From Australia:
Quote from: Reserve Bank of Australia However although transactions are to be in Australian currency unless otherwise agreed or specified, and Australian currency has legal tender status, Australian banknotes and coins do not necessarily have to be used in transactions and refusal to accept payment in legal tender banknotes and coins is not unlawful. It appears that a provider of goods or services is at liberty to set the commercial terms upon which payment will take place before the 'contract' for supply of the goods or services is entered into. For example, some vending machines, parking meters and road toll collection points indicate by signs that they will not accept low denomination coins. Some road toll collection points indicate that they will not accept any cash at all. If a provider of goods or services specifies other means of payment prior to the contract, then there is usually no obligation for legal tender to be accepted as payment. The Reserve Bank of Australia understands that this is the case even where an existing debt is involved. However, refusal to accept legal tender in payment of an existing debt, where no other means of payment/settlement has been specified in advance, conceivably could have consequences in legal proceedings; for example, the creditor may be unable to enforce payment in any other form. |