March 4, 2024

Bitcoin equated with fiat currency. French court makes important decision

The trial concerned the hard fork of the main digital coin, as a result of which Bitcoin appearedCash The first cryptocurrency was recognized as an interchangeable asset, to which the general principles of lending apply.

French court finds bitcoin interchangeableasset, thereby equating it with the official currency. The case concerned the proceedings of the Paymium exchange and investment firm BitSpread. In 2014, the trading platform lent BitSpread a certain amount in BTC. After the network's hard fork in 2017, holders of the original cryptocurrency could receive new BCH coins. This was the subject of controversy, writes Les Echos.

The French court recognized that digital moneygeneral lending principles apply. This means that ownership of the asset remains with the borrower for the entire duration of the contract. Therefore, the court concluded that BitSpread could keep the BCH in the same manner as a shareholder receives dividends. According to lawyer Kramer & Levin Hubert de Vauplan, this decision will have a positive impact on the liquidity of the cryptocurrency market, as they will begin to be considered as money or other financial instruments.

Earlier Russian Ninth ArbitrationThe appellate court ruled that Bitcoin was “other property.” At the same time, the Supreme Court of Russia noted that tokens may be the subject of a bribe, for this they must receive a monetary value based on the evidence submitted by the parties.