4 ms·
Ok that difference makes sense, thank you for the explanation. Bitcoin and other cryptocurrencies are treated equally to legal tender in Germany.
by decentralised 8y ago
Ok that difference makes sense, thank you for the explanation.
Bitcoin and other cryptocurrencies are treated equally to legal tender in Germany.
- JumpCrisscross 8y ago> Bitcoin and other cryptocurrencies are treated equally to legal tender in Germany I’m sceptical that you spent 20 years in fintech without learning the definition of legal tender. If you go to a restaurant, eat your meal (thereby accumulating a debt) and slap legal tender on the table, the restaurant must accept it. They may also accept other things, like Visa credit cards or Ethereum. But they aren’t obligated to. The former is legal tender. The latter is a way to pay. Obligations around settling debt are the sole defining characteristic of legal tender, so it doesn’t make any sense to say one thing is “treated equally” to legal tender if it lacks this core characteristic.
- decentralised 8y agoI'm familiar with the definition but I learned today that I was mistaken in the translation. The articles I had previously read and linked said bitcoin was legal tender but the actual legal document provides a slightly but importantly different definition. If you travel abroad you may have to exchange your currency to pay for a meal, because your coin is not treated equality to legal tender locally, and the defining characteristic is that it settles the debt at the time of exchange. I believe that's a function that cryptocurrencies fulfil by design and if the court states they are to be treated equally to legal tender that seems to prove my point.