France became the latest country to recognize cryptocurrency like Bitcoin as a fungible intangible asset similar to fiat money.
The French Commercial Court of Nanterre officially recognized Bitcoin as akin to fiat money, classifying it as a fungible non-individualizable intangible money.
According to a local news report, the Court made the landmark decision on 26 February this year in relation to the case between BitSpread, a UK-based alternative investments firm, and Paymium, a French cryptocurrency exchange.
In 2014, Paymium loaned 1,000 BTC or over 9 million USD as of this writing to BitSpread. Three years after, the Bitcoin fork happened. This gave birth to Bitcoin Cash (BCH) and automatically granted BitSpread access to 1,000 BCH. Both companies then made claims for the 1,000 BCH.
It is in this manner that the Court made the decision to treat Bitcoin like fiat money, after reasoning that lending BTC is considered just the same as any other consumer loan. This therefore officially identified BitSpread as the rightful owner of 1,000 BCH.
Huberd de Vauplane of Kramer & Levin law firm emphasized how largely significant this decision was:
“The scope of this decision is considerable because it allows Bitcoin to be treated like money or other financial instruments. It will, therefore, facilitate Bitcoin transactions, such as lending or repo transactions, which are growing, and thus favor the liquidity of the cryptocurrency market.”
France’s recognition of Bitcoin as money became the latest reason for the crypto community to celebrate.
Earlier last week, Germany’s Federal Financial Supervisory Authority (BaFin) classified Bitcoin and other cryptocurrencies as legal financial instruments as a measure to update the country’s money laundering laws. Similarly, South Korea passed regulations that would restructure cryptocurrency exchanges, making it legal to trade and hold cryptocurrencies in the country.
The Supreme Court in India made a significant decision by deeming the crypto ban imposed by the Reserve Bank of India in 2018 unconstitutional.
As more countries begin to legally open their borders to Bitcoin and cryptocurrencies, the crypto community cannot help looking forward to seeing more nations officially recognize and see crypto on the same level as fiat money.
As crypto adoption begins to strengthen and widen across the globe, industries in the crypto and blockchain space, including Bitcoin casino, trading, and marketing, can only expect to grow bigger and stronger. Next question of many individuals is how countries impose crypto tax.
Meanwhile, another step toward crypto addition is the potential for Zoom to accept cryptocurrency. Currently, it allows Zoom user to earn cryptocurrency in Zoom calls by using a third-party platform.
If you’re interested in getting an updated 2020 list of all Bitcoin casino reviews for this market, check out the casino review section.