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- The Commercial Court of in Nanterre has recognized Bitcoin as an equivalent to traditional currency, and this came as good news for the Crypto community.
- Attorney Hubert de Wauplan of Kramer & Levin said that this decision would allow the use of Bitcoin just like the usual Fiat currency is used.
- Paymium had lent an undisclosed amount of Bitcoin in the year 2014 to BitSpread.
The Commercial Court of in Nanterre has recognized Bitcoin as an equivalent to traditional currency, and this came as good news for the Crypto community.
The publication by Les Echos said that the Bitcoin had received official status in France according to a recent court decision that was issued around the end of February. Still, the reports of the decision have appeared just now.
Attorney Hubert de Wauplan of Kramer & Levin said that this decision would allow the use of Bitcoin just like the usual Fiat currency is used. It is also set to stimulate an increase in the transaction number of the Bitcoin crypto in France in a significant way and make France’s crypto market a lot more liquid.
The dispute between two crypto-related companies, namely, Paymium, a French crypto exchange, and the British crypto investment company BitSpread, led to the court deciding the hearing of the case.
Paymium had lent an undisclosed amount of Bitcoins in the year 2014 to BitSpread. When, in the year 2017, Bitcoin Cash (BCH) coin had appeared globally as a result of a hard fork, all the holders of the Bitcoin crypto had received a Bitcoin cash coin in the ratio of one ratio one.
Now the question raised in this situation was undeniable if the amount of Bitcoin cash that BitSpread got in their wallet for the Bitcoins that were loaned to them by Paymium.
Paymium’s claim was logically right since it is a bonus one got on their asset, and they should get it back too if they had lent their asset to someone else. Anyhow, since the court had to understand how Bitcoin works and decide on it, they also saw the potential of Bitcoin and made officially recognized as an equivalent to the fiat currency.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
