Bitcoin Forum
November 18, 2024, 10:44:41 AM *
News: Check out the artwork 1Dq created to commemorate this forum's 15th anniversary
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Definition of Legal Tender  (Read 525 times)
seafarer124 (OP)
Sr. Member
****
Offline Offline

Activity: 302
Merit: 250


View Profile
January 17, 2014, 02:20:08 PM
 #1

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/



Foxpup
Legendary
*
Offline Offline

Activity: 4535
Merit: 3188


Vile Vixen and Miss Bitcointalk 2021-2023


View Profile
January 18, 2014, 02:30:06 AM
 #2

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.

Will pretend to do unspeakable things (while actually eating a taco) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
I am not on the scammers' paradise known as Telegram! Do not believe anyone claiming to be me off-forum without a signed message from the above address! Accept no excuses and make no exceptions!
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!