"Cryptocurrencies aren't legal tenders and don't have assets to back up their value," Kuroda told parliament, adding that the prospect of them threatening the role of globally-trusted legal tenders such as the yen was low.
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In a surprise address to the nation last evening, Prime Minister Narendra Modi announced that starting Wednesday, current Rs 5003 ($2500) and Rs 21,2000 notes won't be legal tenders after midnight.
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Separately, Bank of Japan Governor Haruhiko Kuroda said cryptocurrencies likely would not threaten legal tenders like the yen any time soon as they were mostly used for speculative trading, rather than as payments and settlement means.
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TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Tuesday cryptocurrencies likely won't threaten legal tenders like the yen any time soon as they are mostly used for speculative trading, rather than as payments and settlement means.
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He then introduced his audience to the basics of coinage in the United States, where in 1792, Congress passed the first Coinage Act. The Coinage Act defined a dollar as 371.25 grains of pure silver, as well as 24.7 grains of pure gold. In this case, both silver and gold were accepted as legal tenders of the United States, with a silver to gold exchange ratio of 15 to 1. The ratio was later changed to 16 to 1.
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Rupee coin, made of silver, used in the state of Bahawalpur before 1947. Rupee coin, made of gold, used in the state of Bahawalpur before 1947. Indian rupees were stamped with Government of Pakistan to be used as legal tenders in the new state of Pakistan in 1947. The word rūpiya is derived from the Sanskrit word rūpya, which means "wrought silver, a coin of silver", in origin an adjective meaning "shapely", with a more specific meaning of "stamped, impressed", whence "coin".
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The third and final stage introduced a common currency for circulation known as the Euro, adopted by eleven of then-fifteen members of the European Union in January 1999. In doing so, they disaggregated their sovereignty in matters of monetary policy. These countries continued to circulate their national legal tenders, exchangeable for euros at fixed rates, until 2002 when the ECB began issuing official Euro coins and notes. , the EMU comprises 17 nations which have issued the Euro, and 11 non-Euro states.
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The two special administrative regions, Hong Kong and Macau, have their own respective currencies, according to the "one country, two systems" principle and the basic laws of the two territories. Therefore, the Hong Kong dollar and the Macanese pataca remain the legal tenders in the two territories, and renminbi, although sometimes accepted, is not legal tender. Banks in Hong Kong allow people to maintain accounts in RMB. Because of changes in legislation in July 2010, many banks around the world are now slowly offering individuals the chance to hold deposits in Chinese renminbi.
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Assorted exonima, including a poker chip and an elongated coin Exonumia are numismatic items (such as tokens, medals, or scrip) other than coins and paper money. This includes "Good For" tokens, badges, counterstamped coins, elongated coins, encased coins, souvenir medallions, tags, wooden nickels and other similar items. It is related to numismatics (concerned with coins which have been legal tender), and many coin collectors are also exonumists. Besides the above strict definition, others extend it to include non-coins which may or may not be legal tenders such as cheques, credit cards and similar paper.
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In 1837, the Indian rupee was made the sole official currency of the Straits Settlements, as it was administered as a part of India. In 1845, the British replaced the Indian rupee with the Straits dollar after administration of the Straits Settlements separated from India earlier in that same year. Indian rupees were stamped with Government of Pakistan to be used as legal tenders in the new state of Pakistan in 1947. After partition of India and Pakistan in 1947, the Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with the word "Pakistan".
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Despite the currency coins and notes issued by the Hong Kong government, the currency notes issued by the HSBC and two other British banks in Hong Kong were also recognised as legal tenders in Hong Kong. Under the Exchange Fund Ordinance of 1935, the HSBC had to submit its silver holdings in exchange for the Certificates of Indebtedness, as the legal backing for all banknotes. In December 1935, the government appointed Grayburn a member of the Exchange Fund Advisory Committee, to continue to advise the government on monetary issues. For his services for the establishment of the Hong Kong dollar as the monetary unit, Grayburn was knighted in May 1937 in honour of the coronation of George VI, which made him the second chief manager of the HSBC to receive the honour after Sir Thomas Jackson, 1st Baronet.
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The one hundred kwacha note of Zambia is a denomination of the Zambian currency. The current paper note, first issued in 2013 features the Freedom Statue in Lusaka, the issuing authority of legal tenders in Zambia, in the middle there is the National Assembly, the face value of the banknote in words in the lower left corner, and in numerals in the other three corners and the new printer imprint Giesecke & Devrient at the lower right corner, there is also a Buffalo on the reverse. The obverse features the African fish eagle which is considered as the primary recognition of the Zambian banknote, together with the coat of arms, the signature of the Bank of Zambia Governor and obligation to pay the sum indicated on the banknote, and the face value of the specified banknote and the Baobab Tree.Bank of Zambia press release The features of the rebased currency It is the highest denomination of banknote issued by the Bank of Zambia since January, 2013 when the three zeros from the preexisting denomination K500, K1,000, K5,000, K10,000, K20,000 and K50,000 were removed.
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