Questions tagged [currency]

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2answers
160 views

Can I destroy US currency?

From what I understand, destroying US currency is illegal with 0 exceptions. Legal Information Institute says: “Whoever mutilates... cements together, or does any other thing to any bank bill... or ...
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0answers
53 views

Slot Machine Uses Fake Money Still Illegal?

So I have a friend who wants to build a slot-machine or similar device for an event operating in Connecticut. According to them it will only be operable with a certain type of fake currency (like ...
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0answers
31 views

Is reselling online currency of a Website illegale? [duplicate]

On the Website "abcdef.com" You can get credits by doing actions like watching something or buying them for real money. With the credits you can let other people do actions for you. I found a way to ...
2
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1answer
81 views

Could a state legally phase-out pennies?

Debate has existed for some time in the United States whether the penny should stop being minted, due to its small purchasing power and cost of production [1]. From what I understand, to discontinue ...
2
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1answer
99 views

Legality of Virtual Currency to Purchase Real World Items

A while ago, I saw a company called Listia which would permit users to sign up and attain some amount of Credits. These Credits could then be used to purchase real-world items on the site, such as ...
3
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2answers
629 views

Does the government have to accept cash for taxes?

If a government entity assesses a tax, does that entity have to accept cash and/or coins, or can they refuse such payments and demand check or card? Assume that it is perfectly normal to pay this tax ...
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2answers
43 views

do money and virtual coins have the same laws?

Virtual coins are hot and the trend is settling in, many website are starting to create their own virtual currencies that can be used on their own website. What laws apply on these coins, are they ...
3
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1answer
175 views

Hypothetical: Is a fully disclosed pyramid scheme legal?

I see that hypotheticals don't typically go over to well on this SE site but I'll give this a shot. EDIT: I originally posted as 'Ponzi' but I meant 'pyramid' Was talking with a friend tonight about ...
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1answer
1k views

Are silver dollars legal tender?

Are silver dollars (Morgan/Peace) legal tender coins or just collectible items? Is a fake Morgan/Peace dollar counterfeit currency?
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0answers
98 views

How can a US agency refuse to accept certain US banknotes?

It has just come to my attention that the US embassy in Bern, Switzerland, accepts US dollars for the payment of passport fees only if the notes were after 2006: U.S. Embassy Bern Payment ...
2
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1answer
161 views

KYC (Know Your Customer) Verification Between Two Businesses

I want to add a payment service to an existing business which has already verified its customers (id, proof of address). The service is not like Stripe, because they only abstract the connection with ...
1
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1answer
73 views

Is it legal to give non cash tips to waiters and other servers and what are the consequences in terms of taxes?

I wasn't sure I should ask this under Law or Personal Finance & Money. I was wondering what the rules are regarding non-cash tips in the United States. By non-cash tips, I do not mean using a ...
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1answer
114 views

Is the use of a community currency instead of the official legal tender a tax evasion?

Let's say that a cult of weirdos run off and buy some land in the middle of nowhere, they establish a company to buy this land and maintain it's payment; they setup their own government, tax their ...
2
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1answer
102 views

Paid in Bitcoin - Company can't deliver and wants to return money in other currency

For about one month I ordered something at a company and paid in bitcoin (0.015Ƀ). The value at that time was about 25$ The company confirmed that they received the payment. Unfortunately they can't ...
4
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1answer
287 views

Exploiting a bug in bitcoin is unethical, but is it illegal?

As the title says, if lets say i found a bug in bitcoin or any other cryptocurrency that allows me to create as many coins as i want, what are the legal implications in jurisdictions like: USA ...
4
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1answer
190 views

Legality of secretly micro-chipping coins?

In the UK, we are less than a week away from the new £1 coin coming into circulation, which has been billed as 'the most high-tech coin in the world'. In an effort to reduce counterfeit, they have ...
3
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1answer
126 views

How does the Bank Secrecy Act affect normal law-abiding citizens?

The Bank Secrecy Act of 1970 was designed to detect money laundering by organized criminals. Among other things, it requires banks to report large currency transactions in excess of $10,000 to the ...
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1answer
45 views

What are the relevant U.S. laws that cover businesses that disburse cash?

I'm interested in starting a business that sends customers rolls of quarters (and maybe at most 1-2 per week at most), e.g. for paying for laundry washing and drying machines. I'd like to be able to ...
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1answer
98 views

Is exchanging Indian currency at premium legal?

Is exchanging/selling Indian currency notes, like the ones which have special sequences numbers or are extra old (antique), at premium legally allowed?
4
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1answer
154 views

Is defacing currency such as coins illegal?

So on reddit today I saw this quarter that was artistically carved and made into a necklace/medallion. I've also seen people that create rings out of quarters and not to mention those penny-pressing ...
4
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1answer
303 views

Is a school legally required to accept pennies as payment?

At my public high school in Florida, Seniors are required to pay for parking in the Senior parking lot. There is a student who doesn't like that he has to pay, so in order to spite them he went to ...
0
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1answer
58 views

Images of real coins used as “rewards” in games

There are some educational math "games" for androids targeted at pre-highschool students. Since their goal is to make learning fun, they some times include rewards which are visually appealing to ...
3
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0answers
36 views

Bitcoin Service Regulations

Most governments don't consider Bitcoin to be currency, so it's somewhat of a legal gray zone regarding regulation. I know most exchanges must follow KYC/AML systems because they trade with fiat too, ...
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1answer
1k views

Is it legal to earn money via selling online currency (videogame)?

(Europe/Netherlands) Let's say I'm a World of Warcraft or Runescape player, in these games there are certain prices for gold, for example a X amount of ingame Runescape money might be worth a Y ...
3
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4answers
243 views

Which country's laws apply to a gambling website?

I´m thinking of starting a Gambling site based on Steam Skins currency. This would transfer to virtual currency and the skins deposited to private profiles. The problem here is that I wonder if I´m ...
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1answer
95 views

Would currency from another dimension be considered counterfeit? [closed]

This is, of course, entirely hypothetical. We are assuming that the currency is otherwise identical to the currency of the country in question. While I am open to the legal implications for the ...
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3answers
146 views

Does Paypal have the authority to charge for currency conversion?

Paypal charges somewhere around 4% to convert US dollars to Aussie dollars when they pay me. What is this fee for? All conversions are computerised now. I have written them and they don't respond. To ...