RATE Group | French Court Issues Historic Bitcoin (BTC) Ruling, Says World’s Leading Cryptocurrency I…
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French Court Issues Historic Bitcoin (BTC) Ruling, Says World’s Leading Cryptocurrency I…

07 Mar French Court Issues Historic Bitcoin (BTC) Ruling, Says World’s Leading Cryptocurrency I…

Posted at 17:51h in Cryptocurrency News by

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In a historic decision for the cryptocurrency industry, a French court has ruled that Bitcoin loans qualify as consumer loans. According to the Commercial Court of Nanterre, the world’s leading cryptocurrency is a fungible and consumable intangible asset like legal tender, reports finance news outlet L’Agefi.

The decision is the basis for the resolution of a dispute between French crypto exchange Paymium and the English financial advisory company BitSpread.

The dispute occurred between 2014 and 2018. During that time, BitSpread opened an account on Paymium. BitSpread then took out a loan of 1,000 BTC. On August 1, 2017, Bitcoin hard forked, creating Bitcoin Cash (BCH), a new cryptocurrency.

In October of 2017, BitSpread returned the 1,000 BTC, without interest. However, in November of 2017, Paymium asked BitSpread to return the Bitcoin Cash from the hard fork, totaling 1,000 BCH.

The court rejected Paymium’s position. Instead it ordered…

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