AC616 on Nostr: Thanks for sending your article. I think I understand what you’re saying, yet I ...
Thanks for sending your article. I think I understand what you’re saying, yet I don’t think I agree with the way you’re defining “legal tender”…? (and not said in a negative way)
Google states Legal tender as “money that is recognized by law as a valid means of payment for debts, taxes, and other financial obligations.”
With that definition it seems “legal tender” relates more to the taxes/finacial obligations that the business owner owe to the government. Not as a “legal tender that the business owner gives to the customer. (If I understood your article correctly…)
Businesses have to pay their “taxes/finacial obligations owed” to the government regardless. So a country accepting bitcoin as legal tender is saying you can pay that debt in bitcoin IF you’d like. Therefore that business might be more incentivized to accept bitcoin as payment.
Right now in the U.S. a business (or citizens) can’t pay their taxes in bitcoin. Why? The government doesn’t accept it as payment towards a debt to them, because it’s not a legal tender to do so.
I believe that’s what it’s meant and referring to w/ legal tender. And if that’s so, then yeah…El Salvador is the first and currently the ONLY country accepting it to pay a debt/taxes etc. So cool!
Google states Legal tender as “money that is recognized by law as a valid means of payment for debts, taxes, and other financial obligations.”
With that definition it seems “legal tender” relates more to the taxes/finacial obligations that the business owner owe to the government. Not as a “legal tender that the business owner gives to the customer. (If I understood your article correctly…)
Businesses have to pay their “taxes/finacial obligations owed” to the government regardless. So a country accepting bitcoin as legal tender is saying you can pay that debt in bitcoin IF you’d like. Therefore that business might be more incentivized to accept bitcoin as payment.
Right now in the U.S. a business (or citizens) can’t pay their taxes in bitcoin. Why? The government doesn’t accept it as payment towards a debt to them, because it’s not a legal tender to do so.
I believe that’s what it’s meant and referring to w/ legal tender. And if that’s so, then yeah…El Salvador is the first and currently the ONLY country accepting it to pay a debt/taxes etc. So cool!