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Country to Legalize Bitcoin

924 sats \ 13 comments \ @needcreations_ 22 Dec 2023 polls

Which country will be next to make Bitcoin legal tender?

Argentina46.7%

Nigeria0.0%

Brazil6.7%

Netherlands6.7%

Austria13.3%

Other (leave a reply)26.7%

15 votes \ poll ended

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185 sats \ 4 replies \ @Undisciplined 22 Dec 2023

Didn't Argentina just do this? I haven't read a detailed account of their new policy, but if people are able to make legally binding contracts in Bitcoin, that would make it legal tender right?

443 sats \ 3 replies \ @SwearyDoctor 22 Dec 2023

no. you can make contracts in (most) any currency in most countries, including bitcoin. I can make contracts in bitcoin as I wish and I'm not in Argentina.

Legal tender is the official currency of a country, usually the one it takes tax revenue in (as this is the origin of national currencies) and, to an extent, the one you can always settle your debts in (though that's not universal).

215 sats \ 2 replies \ @Undisciplined 22 Dec 2023

Thanks for the clarification, but I don't think it's entirely correct.

My understanding is that if a contract that was made in terms of silver, say, went to court to be decided, the decision would be in terms of the quantity of legal tender that corresponds to the quantity of silver at the time of signing (assuming silver isn't legal tender). Requiring payment to be made in silver would generally be considered "specific performance" which courts tend not to require.

"Legal tender" refers to money that courts recognize as appropriate for dispute settlement, whether or not there is a statute making it an "official" currency.

443 sats \ 1 reply \ @SwearyDoctor 22 Dec 2023

I wrote "the one you can always settle your debts in (though that's not universal)" to say that this may be so in some jurisdictions, maybe the US, but I'm not from the US. All I know is that if I make a contract in USD or Zloty or Yuan (or any other foreign currency), the contract is in that, deliberately, and a local court here would not make me pay in local currency. I picked the other one for a reason.

I know it say "for all debts" on USD bills, but if a US company deliberately made a contract to import something in another currency, could the court say no? though it's the US, it might think the USD is automatic world currency, like it goes around thinking US law is world law. Wouldn't surprise me, but then, that would be empire bs.

0 sats \ 0 replies \ @Undisciplined 22 Dec 2023

if a US company deliberately made a contract to import something in another currency, could the court say no?

They wouldn't preemptively prohibit that contract, but if it went to an American court the court's decision would be in USD. If it went to an Argentinian court, it sounds like the court's decision would be in terms of whatever currency was specified in the contract (although, again, I'm not clear what exactly the new Argentinian policy does).

I'm saying that "the one you can always settle your debts in (though that's not universal)" is actually the most accurate description of legal tender that you gave.

555 sats \ 2 replies \ @030a29f333 22 Dec 2023

Legal tender laws are anti-bitcoin. Argentina is doing it right. Get rid of legal tender and let people use the currency they want. The best one will naturally rise to the top

0 sats \ 0 replies \ @toyota_corolla0 23 Dec 2023

Separation of money and state is the goal! You are right on!

0 sats \ 0 replies \ @sudocarlos 22 Dec 2023

If the largest retailer in the country only accepted X, then X would likely become the de facto currency, no? That doesn't mean X is the best, it might just be the best for that retailer. And then its network effects spread from the top down rather than bottom up.