All articles tagged with #legal tender
Some red-state lawmakers are proposing laws to let people pay with gold and silver and to set up gold stockpiles, arguing it could hedge inflation; Georgia drafted such a bill, Utah already allows some gold-related measures, and similar efforts have surfaced in Arizona, Oklahoma, and Iowa. Proponents say it simply adds payment options, not a replacement for dollars, while critics note gold’s price volatility and that it is not true money.
The US Mint has stopped producing the penny as legal tender, citing its high production costs exceeding its value, with the final coin struck and set for auction, though pennies remain legal tender and in circulation.
El Salvador's President Nayib Bukele celebrated as Bitcoin's value surpassed $100,000, significantly boosting the country's investment to over $600 million. Despite initial resistance and protests against making Bitcoin legal tender in 2021, Bukele argued that the cryptocurrency would benefit the unbanked and reduce remittance costs. However, many Salvadorans quickly cashed out the $30 Bitcoin incentive provided by the government.
Several companies have been scamming supporters of former President Donald Trump by selling commemorative items they claimed could be used as legal tender, including black $10,000 “Trump Bucks” sold for $99.99. The items are sold alongside “Trump Rebate Banking System” handbooks, which the companies claim are “official documents” that allow the items to be used. Bank of America spokesperson Bill Halldin told NBC News there were reports of customers coming into the bank to exchange “Trump Bucks” for cash.
The Reserve Bank of India has decided to withdraw INR 2,000 notes from circulation in pursuance of the central bank’s Clean Note Policy. The INR 2,000 denomination banknotes will continue to be legal tender, but banks will stop issuing them with immediate effect. Citizens can deposit or exchange their INR 2,000 notes until September 30, 2023, and the exchange facility will be available at all banks and RBI offices. The RBI has clarified that the withdrawal of the INR 2,000 banknotes is not demonetization and is a move similar to what the RBI has undertaken in the past.