RATE Group | Can Bitcoin Win the Influence Game Against CBDCs?
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Can Bitcoin Win the Influence Game Against CBDCs?

01 Mar Can Bitcoin Win the Influence Game Against CBDCs?

Posted at 16:55h in Bitcoin News by

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Bitcoin faced an intriguing precedent when it was accepted by a New South Wales court as collateral.

Bitcoin Accepted as Collateral in Court Case

BTC can be used to serve a security function, pronounced Judge Judith Gibson of the New South Wales District Court. The Judge accepted that collateral can be paid in BTC, with monthly reports to warn about volatility.

The Judge accepted the proposal for a $20,000 collateral to be securitized with BTC. Despite the defense’s arguments that BTC is volatile, the Judge stipulated a monthly report. Additionally, Judge Gibson stated that BTC is a recognized form of investment, which can represent significant value.

BTC has been used informally as collateral, and within the cryptocurrency space, other assets are also used to secure value. However, formal and widespread acceptance is still not a direct possibility.

One of the possible competitors to BTC and altcoins are considered to be the Central Bank Digital Currencies or CBDCs. Most leading…

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