Doesn’t hurt that the rupee is backed by nuclear weapons.
Eh? International payments have nothing to do with legal tender. I’m not sure you quite get the (very restricted) meaning of it. It’s only an issue when you’re paying a bill to a court. If you offer payment in legal tender then they must accept it and you can’t be sued/sanctioned for non-payment.
(And there’s additional rules in a some countries too - limiting how many small coins can be used, must be the exact amount, etc.)
Timex - It’s ONLY for the narrow usage in court, not “acceptable payment”. Shops are not, for instance, forced to take a $100 bill for a small purchase…or to honour a mistakenly advertised price…that’s covered under very different legal concepts (“invitation to treat” / “invitation to bargain”).
Sometimes, no matter how much of a bad idea you know it’d be, you just wish for a like button.
Again, please present what you are using as a source for your beliefs here, because I don’t think you are correct.
There isn’t some kind of universal set of requirements for legal tender. It’s determined by local jurisdiction.
Rupees are definitely, in every sense of the word, legal tender in India… It’s actually legal tender in a number of other countries now as well. (for instance, last month it was recognized as legal tender in Zimbabwe)
Well, I’ll go with the dictionaries. Not every country follows the exact same laws for court debts, though, and the conditionality of Indian law when it comes to paying them…
You’re still also confusing the narrow meaning of “legal tender” (which derives from British common law) with acceptance as a currency, which is seperate. The dollar is used in a lot of countries, but isn’t necessarily legal tender there. Zimbabwe, sure, now accepts the Rupee as legal tender - alongside eight others, and it has no currency of it’s own. There have also been bank-only currencies like the old “European Currency Unit” which were accepted between governments but never circulated and were not legal tender.
And now it’s official: Mt. Gox filed for bankruptcy protection in Tokyo today. So today’s irony: a cryptocurrency exchange whose main selling point is offering its customers a way to bypass gov’t-issued currencies has to turn to gov’t institutions to protect it from its own failures.
I have a buddy who is an IMF guy.
He tells me: “Tell your friend that rupees are legal tender.” (Went on to say something about use and acceptance determining it, along with other stuff.) Since he used to teach classes in international relations and economics at GW, I’m taking his word over Starlight’s for my own self.
Hey, can you ask your friend how they get those tapes to self destruct exactly five seconds after the guy on the tape says the tape will self destruct?
Next time I see him having a scotch, I will…;)
I fervently hope the creditors get paid in doge coins.
So are doge coins the next big virtual currency?
How long until we get to WoWGold?
I think we need a virtual currency generator web page. Like the meme generators, all you have to do is enter the specifics you want for your cryptocurrency, like name, icon, target coin volume, and volume growth per year, and pow, it makes one for you.
The internet is sillier than I can imagine.
Sometimes my mind blocks because I can’t conceive how something could even rationally exist in the first place. For example, people taking illegal drugs known for their addictiveness. Or this.
But now you can combine the two: issue your own cryptocurrency, then use it to buy your drugs from the next Silk Road!
That’s nice, triggercut. Barter is legal tender under that theory.
Vetarnias - You don’t understand that there are people with FAR too much time on their hands, and idiotic ideas? Heh.
Oh, and caffine.
Qt3Coin. Coin23?
How the heck can they file for bankruptcy “protection”? Fake money mostly used for guns and drugs and they want the help of a government to protect them? It’s like the Tea Party Republicans who use million+ of dollars worth of Medicare because they weren’t responsible enough to get health insurance, then want to deny it to everyone else. The hypocrisy is insane. This planet is nuts.