The commercial court of the French city of Nanterre has recognized bitcoin convertible intangible asset, essentially equating it to Fiat currency. The decision was adopted on 26 February, but became aware of it only now, writes Les Echos.
It is noted that a precedent was established in the course of the dispute between the French cryptocurrency exchange Paymium and a British investment company BitSpread.
“In 2014, Paymium BitSpread lent 1000 BTC. However, after the hard forks of bitcoin in August 2017 all holders of the coins received Bitcoin Cash in the ratio of 1:1. To clarify, if the borrower shall further repay to BCH, Paymium went to court”, – is spoken in the message.
The court found that the legal nature of bitcoin is fungible asset, and, in analogy with Fiat, subject to General principles of lending.
Lawyer Hubert de Vauplane of the company Kramer & Levin believes that the court’s decision will allow legally to use bitcoin as money and it stimulates the growth of the number of transactions with him in France.