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RE: Why are nations even creating own cryptos? Programmer explains.

There is something else that people who aren't familiar with the law miss, regarding cryptos and money.
In every law system(country) we have something called "legal tender". For example in the USA the dollar is such.

This means that if you have a debt in the USA, that needs to be payed and you decide to pay it in USD, your creditor IS OBLIGED BY LAW to recieve the payment and consider your debt extinguished! Any other way of payments is considered datio in solutum, which means that you were obliged to your creditor for one thing and you make a new contract with him to extinguish your debt by giving him something else.

If you and your creditor decide to do a datio in solutum YOU BOTH HAVE TO AGREE on when the new thing that you owe him will be!

In the case of legal tender you can extinguish your debt with it regardless of the will of your creditor. If he wants something else too bad for him! If you owed him 50$ and instead of them he wants you to give him 5 chickens TOO BAD! And if you give him the 50$ and he refuses to take them YOU CAN SUE HIM TO TAKE YOUR MONEY! That is the real power of legal tender!!!

That is the real, longterm battle that cryptos have in front of them! Every country decides what to consider legal tender for itself, and basically whatever is written in the law as legal tender IS legal tender and you can SUE people to take your money in order to extinguish debts.

Laws need to be changed if we want cryptos as we have them now, and cryptos issued by nation states to have any ground of comparison! Our cryptos wont be legal tender anytime soon, but if a nation decided to do its own ICO, nothing will stop her from making her shitty coin into legal tender by changing a law :)