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Blokchain France lawyer

Blokchain France lawyer

France: Bitcoin similar to Currency 

We are an international legal firm specialized in Blockchain, cryptocurrencies, smart contracts and tokenization.

BTC was acknowledged to be a fungible intangible asset, similar to a fiat currency.

 

The Commercial Court of Nanterre decided to qualify Bitcoin as a fungible interchangeable asset that is not individualizable. Just like fiat money.

 

The decision of the Court was taken on February 26.

 

Fiat money is a currency without intrinsic value

It has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value.

 

The parties singed a loan agreement

The company Paymium loaned 1,000 BTC (over $9.1 million as of press time) to BitSpread in 2014.

 

Who is the owner of the BTC produced after the fork?

Bitcoin Cash emerged in 2017 as a result of the hard fork. All BTC holders received BCH on a 1:1 ratio.

The question emerged is whether BitSpread should return to Paymium the BCH it received as well.

When holding the leased 1,000 BTC, BitSpread also got hold of 1,000 Bitcoin Cash (BCH).

The two parties are disputing the rights to the BCH worth over $350,000 (as of press time).

 

To resolve the dispute the court had to address the legal nature of Bitcoin

Bitcoin is first a fungible asset. This kind of loan transfers ownership of the property to the borrower during the term of the loan.

 

The Bitcoin Cash belongs to the borrower

The new BTC belong to the borrower. Just like dividends belong to shareholders. Due to this court decision, future cryptocurrency loan contracts could include a clause for the return of extra assets created by a fork.

 

Legal implications of this decision

According to this decision, BTC is considered similar to fiat money. It will facilitate its consideration as money, and therefore its future use.

 

 

Confusion over the legal classification of cryptocurrencies

There is much debate on the legal definition of crypto assets. Some countries consider cryptocurrencies as commodities, as Canada.

 

Cryptocurrencies can be considered as money, commodities, securities or utility tokens.

 

Japan has officially recognized Bitcoin and digital currencies as money in 2016.

The United States state of Wyoming passed a bill that will allow for cryptocurrencies to be recognized as money, in 2019.

In July 2019, Bitcoin was legally recognized by a Chinese court.

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Despacho de Abogados Ferrer-Bonsoms & Sanjujo

Ferrer-Bonsoms y Sanjurjo

Ferrer-Bonsoms y Sanjurjo

 

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