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Legal tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation. Paper currency and coins are common forms of legal tender in many countries.
Legal tender is variously defined in different jurisdictions. Formally, it is anything which when offered in payment extinguishes the debt.
Legal authorities are struggling to understand bitcoin, let alone make laws around it.
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Amid all this uncertainty, one question stands out: is bitcoin legal? The legal status of bitcoin ( and related crypto instruments) varies substantially from state to state and is still undefined or changing in many of them. Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status as money ( or a commodity) varies, with differing regulatory implications.
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