The definition of legal tender....
This is because of been asked this by a few of you are not going to keep typing it multiple times because doing exactly the same thing many times is rather insane
legal tender differs from currency
Legal tender is by definition the coins or banknotes that by law must be accepted if offered in payment of a debt.
That is, if tended they cannot be rejected if you want to get paid.
not all bank notes and coins issued by a country are legal tender
for instance, you cannot force a bus driver to take a handful of pennies
money in a bank is not legal tender
a bank transfer is not legal tender even though it is done in the national currency
In the case of El Salvador, merchants CAN accept BTC or other means if they so choose
the law states that they can
to be legal tender it needs to say that they must
As the Bank of England states, this does not mean that you can make a shop contract with you and accept cash but rather that you cannot sue for recovery of some other methodology of payment
https://www.bankofengland.co.uk/knowledgebank/what-is-legal-tender
if a shop decides they don't want to take cash, and they tell you this at first, you are still obligated to pay if you only have cash and you lie to the shop saying that you have card
as the Bank of England states, even banknotes are not legal tender throughout the entire United Kingdom with Scotland for instance not taking bank of England banknotes and only accepting coins
all that the pulse of the Dorian government has said is pass a fluffy law that says merchants who already had the ability to accept payment in bitcoin can accept payment in bitcoin
in reality it is utterly meaningless
to quote the Bank of England
Legal tender has a narrow technical meaning which has no use in everyday life. It means that if you offer to fully pay off a debt to someone in legal tender, they can’t sue you for failing to repay.
remembering that you don't have a debt at a shop unless you have an account
when you make an offer to purchase goods at a store, it is not a debt
the transaction has not been completed and you don't have credit
it is only where you have credit and that you can be sued for non-payment that legal tender becomes involved in this exchange.
CSW
Jun 20, 2021 (14:08)
https://metanet-icu.slack.com/archives/C5131HKFX/p1624190496318100?thread_ts=1624190496.318100&cid=C5131HKFX
https://t.me/CSW_Slack/2619
This is because of been asked this by a few of you are not going to keep typing it multiple times because doing exactly the same thing many times is rather insane
legal tender differs from currency
Legal tender is by definition the coins or banknotes that by law must be accepted if offered in payment of a debt.
That is, if tended they cannot be rejected if you want to get paid.
not all bank notes and coins issued by a country are legal tender
for instance, you cannot force a bus driver to take a handful of pennies
money in a bank is not legal tender
a bank transfer is not legal tender even though it is done in the national currency
In the case of El Salvador, merchants CAN accept BTC or other means if they so choose
the law states that they can
to be legal tender it needs to say that they must
As the Bank of England states, this does not mean that you can make a shop contract with you and accept cash but rather that you cannot sue for recovery of some other methodology of payment
https://www.bankofengland.co.uk/knowledgebank/what-is-legal-tender
if a shop decides they don't want to take cash, and they tell you this at first, you are still obligated to pay if you only have cash and you lie to the shop saying that you have card
as the Bank of England states, even banknotes are not legal tender throughout the entire United Kingdom with Scotland for instance not taking bank of England banknotes and only accepting coins
all that the pulse of the Dorian government has said is pass a fluffy law that says merchants who already had the ability to accept payment in bitcoin can accept payment in bitcoin
in reality it is utterly meaningless
to quote the Bank of England
Legal tender has a narrow technical meaning which has no use in everyday life. It means that if you offer to fully pay off a debt to someone in legal tender, they can’t sue you for failing to repay.
remembering that you don't have a debt at a shop unless you have an account
when you make an offer to purchase goods at a store, it is not a debt
the transaction has not been completed and you don't have credit
it is only where you have credit and that you can be sued for non-payment that legal tender becomes involved in this exchange.
CSW
Jun 20, 2021 (14:08)
https://metanet-icu.slack.com/archives/C5131HKFX/p1624190496318100?thread_ts=1624190496.318100&cid=C5131HKFX
https://t.me/CSW_Slack/2619
Comments
Be the first to add a comment
Log in to comment