Topic: Do countries have laws against creating new currency ? (Read 173 times)
Different countries have different rules regarding cryptocurency but i don't think if there are laws regulating creation of crypto, anyone can create currencies, the policies of the country will however decide if the developed currency falls within the country's laws
It is obvious that any country will not want something out of their control to become the major currency. I would like to know if there are laws especially in U.S regarding creating a new currency ? If there are, how is bitcoin still allowed as it is also a digital currency ? Is there some loophole there ?
I think the reason why there are so many "currencies" is that at this point they are seen as exchange assets and are not real currencies. I mean if the currency is USD, peoples just exchange all coins in to USD. This does not broke the law
I am not sure if there is a law regarding this in my country but definitely, the government will not allow a new currency to replace the existing currency of a country without the dreadful legal process.
Regarding the bitcoin, I am very much sure that bitcoin is decentralized and is not capable of being controlled even by the government so why bother? It will not change the existing currency of any country because of its unique feature. It supports anonymity and that is something the government will never support. The government want background checks, transaction records, and access to all necessary documents. It will not allow payments that it cannot track.
Regarding the bitcoin, I am very much sure that bitcoin is decentralized and is not capable of being controlled even by the government so why bother? It will not change the existing currency of any country because of its unique feature. It supports anonymity and that is something the government will never support. The government want background checks, transaction records, and access to all necessary documents. It will not allow payments that it cannot track.
bitcoin does not belong to the US, they can only try to limit it, or prohibit it. as in any other country
As long as you are not trying to create a counterfeit of someone else's coin and pass it on as yours which is obviously a crime be it cryptocurrency or fiat currency. But creating a new cryptocurrency from scratch, there is no law.
Its not about making new currencies. If someone is trying to counterfiet the existing currency then thats a crime all over the world, no doubt in that. While when we talk about digital cryptocurrency, these are not counterfiets of the existing money. These are kind of an asset. Its like building a house and then selling it for existing money.
Now what the governemt does here is that it regulates akl of these inventions. Obviously the government would never want an outside digital curremcy to be superior to its own existantial currency. Here government have all the powers to whether allow or ban the newly formed digital currency. If government sees no harm for its own money, then no bans are issued, as in case of bitcoins in US and many other parts of world. But if governement wants then they can ban these digital coins to have its supremacy.
Now what the governemt does here is that it regulates akl of these inventions. Obviously the government would never want an outside digital curremcy to be superior to its own existantial currency. Here government have all the powers to whether allow or ban the newly formed digital currency. If government sees no harm for its own money, then no bans are issued, as in case of bitcoins in US and many other parts of world. But if governement wants then they can ban these digital coins to have its supremacy.
No. You can create any number of currencies you want, on whatever material you want. It won't have value for anyone other than you, though, so it's pointless anyway. Cryptocurrencies follow the same rule; you're allowed to create as many as you want, but it's going to be troublesome making people believe it has value.
That being said, some countries only allow the use of their own official currencies on financial transactions, so while you may be free to create your own currency, the law will not recognize it as legal tender, and you may even be penalized for using it. This is why some countries allow you to own and trade Bitcoins, but ban its use in transactions.
That being said, some countries only allow the use of their own official currencies on financial transactions, so while you may be free to create your own currency, the law will not recognize it as legal tender, and you may even be penalized for using it. This is why some countries allow you to own and trade Bitcoins, but ban its use in transactions.
I think, as Bitcoin was introduced in border-free platform in the first place; and not actually trying to be the Currency of any specific country, Governments are facing the confusion. Moreover, in very little time a vast amount of people has chosen to use it, if not main currency then as alternative currency, Governments can’t take the risk to go against it either.
Different countries have different rules regarding new currencies. In my country, it's not easy to create new currency. You need to have government approval for this and our country is a developing country, so if a new currency is created, it'll be very hard to maintain.
In terms of my country, there are certain rules for promoting new currencies. It depends on the policy or regulations of the government whether they will accept a new currency or not.
It is obvious that any country will not want something out of their control to become the major currency. I would like to know if there are laws especially in U.S regarding creating a new currency ? If there are, how is bitcoin still allowed as it is also a digital currency ? Is there some loophole there ?
In my country, the cryptocurrency is not officially banned, but mining has been officially authorized. I think that in the US will soon solve this issue
It is obvious that any country will not want something out of their control to become the major currency. I would like to know if there are laws especially in U.S regarding creating a new currency ? If there are, how is bitcoin still allowed as it is also a digital currency ? Is there some loophole there ?
That is not allowed. If that was allowed then there would have been individual currency made by each person in the world. Lol.
That is really vague question to ask but when you went all the down to why bitcoin was allowed then I got interested to answer this one. I mean you know the fact that bitcoin is decentralised currency? Do you know what does that mean at all? It simply means that this currency is not under direct regulation of any country or government of any country in the world. This gives clear cut idea that how bitcoin is still allowed and working on practical basis. The blockchain, the plat form is completely separate entity and it does not work under any regulator body thats why it is having so much freedom.
Yes, you're not allowed to mint new currency as it's technically counterfeiting. Most countries have a single recognized currency, e.g. EUR, USD, ZSD.
By creating another currency you undermine the governments control and ability to obtain taxes, obviously they're not going to allow that.
By creating another currency you undermine the governments control and ability to obtain taxes, obviously they're not going to allow that.
Then why are they allowing bitcoins ? Isn't it also a digital currency and being used for transactions there ? Also, can you please link me to the laws regarding this in U.S.
Also, I think that creating a new currency is not much of a big issue but the main thing is to create value for that currency. That is possible only by creating demand for that currency and you may have to manipulate in beginning.
The government certainly has a regulation of the currency and the making of a new currency should be based on the rules that have been made. Printing money that has been used also have rules let alone make a new currency. All countries must have their own currency because in addition to being the hallmark of the country it also becomes their economic power so that even bitcoin they do not consider it as a currency but is considered as a digital asset worthy of use as an investment tool.
Yes it is true that many country are going to have laws against bitcoin.No country want to bitcoin be there major currency because bitcoin is not in control.Some times its price going to high and some times its going to low.This is the major cause that no country love it and they doing laws against bitcoin.
In my country there are rules for making a new currency or getting it approved. It's upto the government to approve or disallow in any case. I have always wanted my country currency to progress further in boosting its economy and also creating many more opportunities for the youth.
Yes, you're not allowed to mint new currency as it's technically counterfeiting. Most countries have a single recognized currency, e.g. EUR, USD, ZSD.
By creating another currency you undermine the governments control and ability to obtain taxes, obviously they're not going to allow that.
By creating another currency you undermine the governments control and ability to obtain taxes, obviously they're not going to allow that.
It is obvious that any country will not want something out of their control to become the major currency. I would like to know if there are laws especially in U.S regarding creating a new currency ? If there are, how is bitcoin still allowed as it is also a digital currency ? Is there some loophole there ?
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