443 sats \ 3 replies \ @SwearyDoctor 22 Dec 2023 \ parent \ on: Country to Legalize Bitcoin polls
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).
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.
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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.
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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.
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