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The FT lexicon says: Paper money or coins of little or no intrinsic value in themselves and not convertible into gold or silver, but made legal tender by fiat

The FT lexicon says: Paper money or coins of little or no intrinsic value in themselves and not convertible into gold or silver, but made legal tender by fiat (order) of the government. [1] Fiat money is an intrinsically worthless object, such as paper money, that is deemed to be money by law. ---- I will say that when Japan agreed to accept payment of taxes, with Bitcoin, they deemed it to be money. Probably I could find examples in the U.S. government prosecutions of criminals who used Bitcoin, that had government lawyers advancing arguments that treated Bitcoin as money, but, I don't have them to hand.

matthewbauer 9y ago
> I will say that when Japan agreed to accept payment of taxes, with Bitcoin, they deemed it to be money. I'm really interested in figuring out if this is true. What source is saying this? From what I can tell some taxes might apply to Bitcoin in Japan but in no way can you actually "pay" taxes in Bitcoin (you can obviously convert it to Yen first though).
rspeer 9y ago
The US government considers bitcoin a commodity. You will not find examples of them considering it a currency.