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Nxt Discussion => -Old and Inactive Projects- => Nxt Projects => Nxt Legal => Topic started by: Najska on November 16, 2014, 02:00:45 am

Title: Legal status of crypto-IOUs
Post by: Najska on November 16, 2014, 02:00:45 am
Hi all,

Can anyone as an individual or as a company issue IOUs as NXT assets and distribute them in return of fiat without having any legal problem? Does that necessitate any tax statement?

As far as I know, it causes problems to allow transfers between people. So, exchanges and all other transfer service providers need a kind of e-money license to be able to operate legally. However, I don't see any reason to prevent one to issue IOUs, since basically the transfers are not conducted by the issuer but by the NXT network.

If it's possible, then a fiat-IOU token (like Short NXT) and a coin-IOU token (like multigateway BTC) may be issued by a registered (but having a money transfer license) company to make them available to trade. Anyone tried that? Well, there is this Short NXT but the token is pegged to the market and is not convertible to fiat. What I'm talking about is not pegging, just selling 1 crypto-USD-IOU for 1 USD under some rigid terms and conditions to make the token available to be sold at any future time.
Title: Re: Legal status of crypto-IOUs
Post by: Najska on November 17, 2014, 07:55:54 pm
No one knows a shit about IOUs : (
Title: Re: Legal status of crypto-IOUs
Post by: TwinWinNerD on November 17, 2014, 07:58:41 pm
If the issuer is doing this private, this is basically a private loan. The contract isn't bound to a special form, so even crypto tokens could be used.

(I am not law expert)
Title: Re: Legal status of crypto-IOUs
Post by: Najska on November 17, 2014, 09:18:38 pm
Well, there must be some legal ways to present the tokens as private loans, if that solves the issue. But, what would be the case if the company asks loan from anybody in public?
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