French Commercial Court Recognizes Bitcoin As Legal Money

The reasons to celebrate keeps increasing as the French Commercial Court Recognizes Bitcoin As Legal Money in the country. The good news just keeps rolling in from different part of the world and it’s a good time to be a cryptocurrency Enthusiast.

Click here to read the South Korea cryptocurrency approval.

Also, click here to read about the Indian Supreme Court judgement on cryptocurrency.

In a case brought before the court between the Paymium exchange platform and Bitspread, the French Commercial Court Recognizes Bitcoin As Legal Money. the judges of the Commercial Court of Nanterre considered Bitcoin as a fungible asset and that means Bitcoin lending falls under the ‘consumer loan’. This means Bitcoins cash belongs to the borrower while the dividend belongs to the shareholder. This also puts Bitcoin in the same category as Money (consumer loan).

A lawyer by name Hubert De Vauplane had this to say “The scope of this decision is considerable because it allows bitcoin to be treated like money or other financial instruments. It will, therefore, facilitate bitcoin transactions, such as lending or repo transactions, which are growing, and thus favour the liquidity of the cryptocurrency market, ”

Read about German stand on cryptocurrency by clicking here.

This decision should facilitate bitcoin operations and ensure better market liquidity.

According to the report from French Website Les Echos,  the summary of the case is that Paymium loaned 1,000 bitcoins to BitSpread in 2014, before the hard fork of bitcoin in 2017, creating a new cryptocurrency, bitcoin Cash, at a one-for-one parity. The reason for the dispute raised the question of the return to the lender, or not, of the bitcoins Cash resulting from the split.

Click here to read the full post from the French site.