Re:Facebook urged to pause Libra crypto-currency project
by mokus on Wednesday June 19, 2019 @10:35AM
(#20223719)
US federal reserve notes don’t meet your definition - they can be legally refused for purchases, it’s only debts where you can’t refuse them. In a purchase scenario, where there is no pre-existing debt, a dollar is no more legally privileged as a payment method than pocket lint.
it doesn't. Currency needs to have one other property - the legal requirement that a party accepts it as payment. For example, i cannot force a shop to accept my gold coins as payment (they could choose to accept it - but it's not a legal requirement). However, if i offered cash, they are legally required to accept it as payment.
Facebook can make this a pseudo requirement by virtue of network effect, but it isn't the same as currency with legal tender status.