What does illegal tender mean

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The sentence contains offensive content. When do Bank of England notes stop being legal tender? A withdrawn One Pound banknote. Find out more What is money? How do card payments work? Will cash die out? What is GDP? You may also be interested in…. Back to top. Give your feedback. Yes, it was useful Yes. No, it wasn't useful No. Page Url. Is Mobile. IP Address. Operating System. What did you think of this page? But the number did catch my eye, because I am always interested in use cases for cryptocurrency other the speculation.

Now on to legal tender. You can see the trajectory. The law, in essence, already says that the e-Yuan has the same legal status as the Yuan. Indeed, last year the PBoC issued a formal notice clarifying that cash is legal tender in China and that refusing it is illegal. So in China, both the Yuan and e-Yuan will be legal tender and retailers will have to accept both.

I remember a story about a schoolboy who was refused access to a bus in Wales for trying to pay with a Scottish banknote. Scottish banknotes are not legal tender in England or, for that matter, Wales any more than Bitcoins or e-Yuan are. Only Bank of England banknotes are legal tender in England and Wales. But there are Sterling banknotes printed by banks in Scotland and in Northern Ireland that are not.

Scottish banknotes are not legal tender anywhere, even in Scotland.