2 November 2024
Good News For France People As Bitcoin Received Official Status Of Money
France has given an official status of money to Bitcoin. In the France court, the bitcoin was acknowledged by the court in a decision regarding cryptocurrencies but it was made public only now.
This decision is expected to improve the condition of Bitcoin transactions and boost BTC liquidity.
The verdict was passed by the Commercial Court of Nanterre that states BTC to be considered as a fungible intangible asset, similar to a fiat currency. A lawyer named Hubert de Vauplane from Kramer & Levin believes that the decision will allow bitcoin to be legally used as money. It will surely urge the number of Bitcoin transactions in France – lending, trading, repo, etc, and, thus, turn the crypto market into a more liquid one.
The court has passed this judgment while working over a dispute between French crypto exchange Paymium and English investment firm, BitSpread that were dealing with crypto. According to the reports, Paymium in 2014 has lent bitcoins to BitSpread. After a few years in 2017, Bitcoin Cash emerged and as a result hard fork and all BTC holders received BCH on a 1:1 ratio. Now it raises the question of whether BitSpread should return to Paymium the BCH it received as well.
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