In a cryptocurrency context, legal tender refers to whether a currency is a legal form of payment (i.e. it is legally accepted as a form of payment for goods, services, and debt). Widely accepted fiat currencies are the euro, pound, and US dollar. These currencies can be accepted as a means of payment almost anywhere in the world. Legal tender status is one of the main differences between fiat currencies and cryptocurrencies.
Answer the following questions:
• How does the definition of legal tender present challenges for the regulation of cryptocurrencies in a global context?
• To address these challenges, how could the regulation of cryptocurrencies differ from the way that fiat currencies are regulated?
Focus on the global implications of regulating cryptocurrencies, rather than a specific region or country’s regulatory stance.
(Max. 350 words)
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