Topic: South African Reserve bank says bitcoin not a legal tender, : regulation move - page 2. (Read 600 times)
September 21, 2017, 10:30:00 AM
So far its only Japan who have accepted bitcoin as legal tender. So its similar to their local currency which is the Yen. So I don't see any wrong with the news, maybe except that we are expecting that South Africa will embrace bitcoin as well. So its better to just make a strict regulations similar to what other countries have been done like complying to KYC/AML rule to further prevent "money laundering" as they have described it.
September 21, 2017, 10:24:23 AM
bitcoin never claimed or aimed to be legal tender in the first place. plenty of things arn't. most, in fact.
Legal tender is merely the officially recognized coinage by a given government, i.e. the the government will accept legal tender, and shopkeepers must accept legal tender as a form of payment (to the recognized value of the legal tender).
it's... really inconsequential. it's simply a clarification on what is an obvious condition. it probably has some tax impact, that's all.
Legal tender is merely the officially recognized coinage by a given government, i.e. the the government will accept legal tender, and shopkeepers must accept legal tender as a form of payment (to the recognized value of the legal tender).
it's... really inconsequential. it's simply a clarification on what is an obvious condition. it probably has some tax impact, that's all.
September 21, 2017, 03:39:41 AM
The definition of legal tender is simply that the government of that country will accept it as a payment of taxes. It'll be a very long time before Bitcoin become legal tender anywhere but that doesn't really matter.
September 21, 2017, 03:37:02 AM
South African Reserve Bank says bitcoin is not a legal tender because only the banks are capable and authorized by the South African Government to issue a legal tender.
Continuous regulatory governments involvement in bitcoin keeps on spiking up, due to the huge popularity that the cryptocurrency has gotten and went extremely mainstream.
The bank thinks that there are huge risks on cryptocurrencies, like for money laundering and legal uncertainty caused by lack of regulation.
Read More => https://zycrypto.com/south-african-reserve-bank-bitcoin-not-legal-tender/
Continuous regulatory governments involvement in bitcoin keeps on spiking up, due to the huge popularity that the cryptocurrency has gotten and went extremely mainstream.
The bank thinks that there are huge risks on cryptocurrencies, like for money laundering and legal uncertainty caused by lack of regulation.
Read More => https://zycrypto.com/south-african-reserve-bank-bitcoin-not-legal-tender/
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