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Canada rules bitcoin is not legal tender

1 pointsby schiangover 11 years ago

1 comment

dalkeover 11 years ago
Dear submitter, as the article states, it&#x27;s a summary of a post from the Wall Street Journal. The actual article is at <a href="http://blogs.wsj.com/canadarealtime/2014/01/16/canada-says-bitcoin-isnt-legal-tender/?KEYWORDS=bitcoin" rel="nofollow">http:&#x2F;&#x2F;blogs.wsj.com&#x2F;canadarealtime&#x2F;2014&#x2F;01&#x2F;16&#x2F;canada-says-b...</a> . The link is even given at the bottom of the page.<p>This reported statement, the Bitcoin isn&#x27;t legal tender, has a very specific meaning. It says that people are not required to accept Bitcoin as a form of debt. This report should not be shocking or at all surprising.<p>While the details depend on the jurisdiction, &quot;legal tender&quot; is usually defined as a medium of payment which is valid for discharging debt. Other forms of payment, like checks and credit cards, are <i>not</i> legal tender but widely accepted. This being Canada, scrip like Canadian Tire money (see <a href="http://en.wikipedia.org/wiki/Canadian_Tire_money" rel="nofollow">http:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Canadian_Tire_money</a> ) is also not legal tender, even if people other than Canadian Tire accept it a a form of payment.<p>For that matter, the US dollar is not legal tender in Canada, even if some people and places in Canada (especially those at border tourist towns) will accept it as a form of payment.<p>So, Bitcoin isn&#x27;t legal tender in Canada? Big whoop. It isn&#x27;t legal tender in the US either. Or any other country.
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