LeoGlossary: Legal Tender

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Anything that is recognized by law to be use as settlement on private or public debt along with meeting financial obligations. This can be used to pay taxes, fulfill contracts, or pay fines.

Creditors are obligated to accept payment in legal tender. Governments determine what the legal tender of a nation will be.

It is often known as the currency of a nation.

In 2021, El Salvador became the first country to make a cryptocurrency legal tender when Bitcoin was legally inserted into this role.


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