4 ms·

Does this mean that the digital equivalent of cash in the form of an appropriate cryptocurrency is officially also mandated by law?

by seydor 4y ago

bluepoint 4y ago
I don’t think so, unless it is the only official currency.
rom-antics 4y ago
No, the vote is about banknotes and coins (as the headline states)
- seydor 4y ago
  What if i print private keys in qr codes and call them banknotes
  - rom-antics 4y ago
    The word "banknotes" has a specific legal meaning. You can print anything and call it anything you want, but that doesn't mean anyone will take you seriously or you'll get legal recognition. You're venturing into sovcit territory.
  - Turing_Machine 4y ago
    In the United States, at least, they wouldn't be "legal tender", which means that every entity (person, government, whatever) is required to accept them in payment for a debt. I believe most other countries have similar rules for their official currencies, likely including Switzerland. Note that the "debt" part is important. You can refuse to take cash for a new transaction, but not one where the other party already owes you money. I believe there have even been court cases that held that the type of restaurant that requires you to pay before getting your food can refuse to take cash, while the type of restaurant that lets you pay after you've eaten cannot (because that makes it a debt you owe). Don't quote me on that, though.
deleted 4y ago
[deleted]
WhatsName 4y ago
Properies of hard cash: - almost untraceable - works offline - easy to understand Doesn't matter how you turn it, cryptocurrency is never replacing cash. Digital currency, maybe, but I would always take cash for any inperson transaction.
- jrm4 4y ago
  I think few people are seriously suggesting replacement. The better way to consider: There are arguably favorable properties that ARE in cash, that are NOT in mainstream bank-led digital payments, and that ARE in cryptocurrency. Some people have already discovered this and use it for these purposes. Now, it is also true that the cryptocurrency space is a breeding ground for scammy behavior. The only question is -- to what extent might cryptocurrency get more popular for "legit" purposes.
  - hirako2000 4y ago
    To a greater extend than any other cashless payment system since it isn't controlled by a single entity and has by now proven it is censorship resistent. People are getting more and more educated on censorship issues and the UX continues to get better and better. Like for many things before, gaming is likely to lead the path for more adoption, the tokenomy has been a thing for many years there now and crypto nicely provides the infrastructure for building a token system on that already. networks with low fees are there and smart contracts can even be written in JavaScript, with companies providing transaction gateways etc etc etc. At this point anyone doubting crypto has continuously be gaining legit adoption must be blind or in denial. Developer tooling and ecosystem getting better and better, the whole crypto crashes aren't putting a dent to that. All it takes is more absurdity from a government for a spike in adoption. See Argentina and Nigeria. It is already popular for legit purposes, except that the news rarely report it, it makes better title to say some group is laundering crime money using Bitcoin.

Does this mean that the digital equivalent of cash in the form of an appropriate cryptocurrency is officially also mandated by law?

by seydor 4y ago

Does this mean that the digital equivalent of cash in the form of an appropriate cryptocurrency is officially also mandated by law?

bluepoint 4y ago

I don’t think so, unless it is the only official currency.

rom-antics 4y ago

No, the vote is about banknotes and coins (as the headline states)

seydor 4y ago
What if i print private keys in qr codes and call them banknotes
- rom-antics 4y ago
  The word "banknotes" has a specific legal meaning. You can print anything and call it anything you want, but that doesn't mean anyone will take you seriously or you'll get legal recognition. You're venturing into sovcit territory.
- Turing_Machine 4y ago
  In the United States, at least, they wouldn't be "legal tender", which means that every entity (person, government, whatever) is required to accept them in payment for a debt. I believe most other countries have similar rules for their official currencies, likely including Switzerland. Note that the "debt" part is important. You can refuse to take cash for a new transaction, but not one where the other party already owes you money. I believe there have even been court cases that held that the type of restaurant that requires you to pay before getting your food can refuse to take cash, while the type of restaurant that lets you pay after you've eaten cannot (because that makes it a debt you owe). Don't quote me on that, though.

deleted 4y ago

[deleted]

WhatsName 4y ago

Properies of hard cash: - almost untraceable - works offline - easy to understand Doesn't matter how you turn it, cryptocurrency is never replacing cash. Digital currency, maybe, but I would always take cash for any inperson transaction.

jrm4 4y ago
I think few people are seriously suggesting replacement. The better way to consider: There are arguably favorable properties that ARE in cash, that are NOT in mainstream bank-led digital payments, and that ARE in cryptocurrency. Some people have already discovered this and use it for these purposes. Now, it is also true that the cryptocurrency space is a breeding ground for scammy behavior. The only question is -- to what extent might cryptocurrency get more popular for "legit" purposes.
- hirako2000 4y ago
  To a greater extend than any other cashless payment system since it isn't controlled by a single entity and has by now proven it is censorship resistent. People are getting more and more educated on censorship issues and the UX continues to get better and better. Like for many things before, gaming is likely to lead the path for more adoption, the tokenomy has been a thing for many years there now and crypto nicely provides the infrastructure for building a token system on that already. networks with low fees are there and smart contracts can even be written in JavaScript, with companies providing transaction gateways etc etc etc. At this point anyone doubting crypto has continuously be gaining legit adoption must be blind or in denial. Developer tooling and ecosystem getting better and better, the whole crypto crashes aren't putting a dent to that. All it takes is more absurdity from a government for a spike in adoption. See Argentina and Nigeria. It is already popular for legit purposes, except that the news rarely report it, it makes better title to say some group is laundering crime money using Bitcoin.