Is this actually legal tender as in every merchant in the country is legally required to transact in bitcoin? Or is this a marketing play where most merchants continue to not transact in bitcoin and the country calls bitcoin legal tender?
(2) A tender of payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:
(a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;
(b) twenty-five dollars if the denomination is one dollar;
(c) ten dollars if the denomination is ten cents or greater but less than one dollar;
(d) five dollars if the denomination is five cents; and
(e) twenty-five cents if the denomination is one cent.*
coin-op vendor: I would like to deposit all of my bags of coins.
bank: Sorry sir, your money is no good here unless you break it into smaller quantities.
I knew a contract security guard that worked for a laundromat. They paid him in bags of quarters.
I am not sure. I know they accept rolled coins for deposit at least from business customers. But I don't know what is the minimum legally required service level vis-à-vis coins and what is the customary service level banks actual offer right now. I remember TD having coin deposit machines that were free for TD customers to use but deducted a fee from non-customers, but they discontinued the service a couple of years ago. These days most people use third-party machines like this, which deduct a fee: https://www.coinstar.ca/
More at https://www.bankofengland.co.uk/knowledgebank/what-is-legal-...
Lots of places do not have a legal tender law, so, in those places if you try to pay a debt and the creditor won't accept your payment, that's a dispute in law, just like it would have been if somebody unexpectedly claims you owe them money and you say you don't. So, why have a special "legal tender" law anyway?
"No weird money" is a good rule to live by. Scottish bank notes for example. It doesn't matter that they aren't legal tender anywhere (including Scotland), nor does it matter that they are in some sense worth "the same" as Bank of England notes (since the issuing banks are required to hold on deposit the same quantity). To buy tourist stuff in Edinburgh Airport they'll work just fine. To buy a fish supper in the Highlands, they'll work just fine. If you show one to the guy running the Chinese in my port city on the South Coast of England, he won't know what it is, and so understandably he doesn't want to exchange your weird money for his delicious food. No Weird Money.