French court recognizes bitcoin as money
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Answer French court recognizes bitcoin as money
In the accelerating and successive events witnessed by the crypto market related to the change of regulatory institutions to their view of Bitcoin, including the previously mentioned in South Korea and India.
As for today’s news, it is related to France and a French court’s acknowledgment that Bitcoin is money and has a financial value.
The acknowledgment came as a result of a dispute between French bitcoin payment platform Paymium and crypto investment company BitSpread.
Paymium loaned BitSpread 1,000 bitcoins in 2014.
In 2017, a fork occurred in Bitcoin and Bitcoin Cash split.
The court had to decide whether BitSpread owed Paymium any of the Bitcoin Cash originating from the fork.
In the end, it ruled that Bitcoin Cash belongs to BitSpread, just as dividends are paid out to shareholders.
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As part of her decision, she concluded that bitcoin was a fungible asset, like money.
Court ruling could benefit the French crypto market:
This ruling may encourage further action in the French crypto market.
stated Hubert de Vublanc, attorney for Kramer & Levine for Les Echos, says:
It will facilitate Bitcoin transactions, such as lending or repurchase transactions and allow them to grow, thus increasing the liquidity of the cryptocurrency market.
Court decisions regarding the legal status of cryptocurrencies matter.
In the United States, one of the most important legal issues is whether courts consider certain cryptocurrencies to constitute securities.
Under US law, securities sales must be registered with the SEC.
If the court rules that the token represents a security token, then any token sales, such as initial offers, are considered illegal.
In the UK, the contentious issue is whether Bitcoin constitutes a “property” or a “data set”.
If the courts rule that bitcoin is property, they can more easily hunt down criminals and return the stolen bitcoin to its rightful owners.
If the courts rule that it is a “data set”, it will be difficult for victims to recover their money in some cases.
Read:Learn about the electronic currency Litecoin and its symbol (LTC)
Read also:
The British High Court asks Bitfinex to freeze the account of a user who holds more than $800,000 in account for this reason!
Britain’s financial regulator accuses BITMEX of operating illegally
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