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A comment on Dutch official calls for complete ban on Bitcoin. Parent comment

Re:Dutch official calls for complete ban on Bitcoin by ludamad on Friday June 11, 2021 @08:32AM (#27472405)
It's also a bit ill-timed as Bitcoin is "now a fiat currency", if you go by El Salvador's wiki page
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Re:Dutch official calls for complete ban on Bitcoin by phire on Friday June 11, 2021 @08:59AM (#27472690)
That makes it "Legal Tender" in Salvador, but not fiat.

It's a bit of a weird situation. Normally when a currency is legal tender and not fiat it's backed by a physical resource, like gold or silver.

But here it's only backed by software and people agreeing that it has value. Kind of puts bitcoin in its own unique category.

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Re:Dutch official calls for complete ban on Bitcoin by bidirectional on Friday June 11, 2021 @10:02AM (#27473454)
A fiat currency is issued by a government without being backed by a physical commodity. El Salvador's adoption of Bitcoin does not make it a fiat currency.
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Re:Dutch official calls for complete ban on Bitcoin by imtringued on Friday June 11, 2021 @10:06AM (#27473507)
I think this is in reference to a US law that states that a "currency" adopted by a foreign country is not classified as an asset but as a currency. This has tax implications but I don't know the details.
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Re:Dutch official calls for complete ban on Bitcoin by wsc981 on Friday June 11, 2021 @08:54AM (#27472620)
> It's also a bit ill-timed as Bitcoin is "now a fiat currency", if you go by El Salvador's wiki page

It's probably timed right now by the Dutch CPB because El Salvador accepted BTC as a fiat currency.

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