Re:Facebook reveals its cryptocurrency Libra
by johnnycab on Wednesday June 19, 2019 @11:03AM
(#20223987)
>As far as I know, in the U.S. you are free to print your own paper currency
This is not the case, when a 'private' currency gains traction or seemingly encroaches a territory, which is traditionally assigned to government ─ it gets shutdown.
https://www.nytimes.com/2012/10/25/us/liberty-dollar-creator...
https://www.openpr.com/news/25136/TUC-IMPROVING-THE-US-ECONO...
Re:Facebook reveals its cryptocurrency Libra
by aatharuv on Wednesday June 19, 2019 @02:09PM
(#20225610)
They called their currency a dollar. If they had called them "freedom rounds", they would have been fine.
Or if they had been owned by Disney for that matter...
Re:Facebook reveals its cryptocurrency Libra
by 411mrc on Wednesday June 19, 2019 @04:51PM
(#20227193)
http://www.berkshares.org/
It's been around for a long time.
Re:Facebook reveals its cryptocurrency Libra
by impendia on Wednesday June 19, 2019 @09:07AM
(#20222913)
> in the U.S. you are free to print your own paper currency
Indeed, this is currently done. For example:
Re:Facebook reveals its cryptocurrency Libra
by nradov on Wednesday June 19, 2019 @04:09PM
(#20226849)
Right this is totally legal provided you report any income obtained through such a scheme on your tax return in fair market US dollar terms. It's no different than bartering (which is also legal).
The other caveat is that if someone owes you a debt you can't require them to pay in your own "funny money" currency. You have to accept US dollars if offered, otherwise the debt won't be legally enforceable.
As far as I know, in the U.S. you are free to print your own paper currency, just so long as it doesn't conterfeit that which is produced by the Federal Reserve Bank. Also, there's nothing illegal about conducting transactions with it either, provided you can find willing trade partners.