National governments apply well-established rules addressing the creation
and use of fiat currency used in their countries. Fiat currency is often also described as a
nation’s legal tender. It is the national currency, issued and guaranteed by the national
government. At present, no nation has established any form of digital currency as its
sole form of fiat currency. For this reason, traditional laws governing currency have not
been directly applicable to Bitcoin and other virtual currencies.
Keywords: Bank, currency, digital currency, fiat currency, fiduciary currency,
laws, legal tender, New Zealand, private money, regulations, Turkey, virtual
currency.
