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Author Topic: Backed up by law?  (Read 502 times)
felix_
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June 20, 2011, 12:57:14 PM
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If I give a shop keeper £1 for a chocolate bar I have entered into a verbal contract with her. If she then fails to provide the chocolate, she is in breach of contract and I may take her to court. AFAIK, there has yet to be a test case where an agreed exchange of BTC for something else has been shown to be a legal contract. The BTC economy could be very effectively undermined by the passing of a law proscribing commercial contracts that involve BTC. Surely this is a weak point, should the currency ever really start to become important?
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Gabi
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June 20, 2011, 01:09:12 PM
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I suppose it's a simple exchange, like, i give you X for a chocolate bar, where X can be bitcoin or another item...and i "think" the law protect them too...
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June 20, 2011, 01:09:55 PM
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Being international it would have to come down to the various govts across the globe. I checked out my govt tax web site in Australia and I dont even have to pay a single cent made from bitcoins only on interest made from any cash I make interest on in a bank. Even then you wouldnt have to give them any info on having btc if you didnt say anything and used the right software for anonymity.
So as far as legalities thats a damn hard one on contracts from my perspective on it.
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June 20, 2011, 01:11:01 PM
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It's not backed up by law but it's also not against law (yet)
felix_
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June 20, 2011, 01:24:32 PM
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Gabi, I tend to agree - there should be nothing in present law to prevent a bitcoin exchange form being legally enforced.

dizznizzle - If it's not backed up by law it cannot be used as a currency. Why would I ever give money to someone for something knowing they could take it and give me nothing and face no consequences?
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