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According to Bitcoinist on March 7, the French court's ruling recognized the value of Bitcoin and showed that Bitcoin can be used for compensation like currency.

(Photo source: express.co)

French court says Bitcoin is similar to currency

The ruling from a French court once again makes the claim that Bitcoin has no value untenable. On February 26, a ruling made by the Nanterre Commercial Court stated that Bitcoin and digital assets are fungible assets, just like currency.

According to the French court, Bitcoin is fungible and interchangeable, and it has the characteristics of currency. In theory, all Bitcoins are the same, but after on-chain data analysis, people can still distinguish different Bitcoins. This feature is not uncommon for currency, because each banknote has a unique serial number, which will not affect its value.

"Echo" quoted lawyer Hubert de Vauplane as saying:

The scope of this decision is quite large because it allows Bitcoin to be regarded as currency or other financial instruments. Therefore, it will promote Bitcoin transactions, such as growing loans or repurchase transactions, which will benefit the liquidity of the cryptocurrency market.

However, the French court's decision is different from the definition of Bitcoin under French law. It is not illegal to trade Bitcoin in France, but the country's laws generally follow the European Central Bank's (ECB) view that digital assets are not money. The reason for this is that Bitcoin is not issued by a central bank and it is not controlled by the rationale of monetary policy.

Courts recognize Bitcoin as a valuable asset

But in multiple court cases, Bitcoin has been considered a valuable asset, such as collateral or security. Bitcoin has also been used to pay legal fees to lawyers.

In the United States, whether certain cryptocurrencies are considered securities is one of the most important legal issues that courts have to decide. Under US law, securities sales must be registered with the SEC. If the courts rule that a token is a security, then it means that any sale of tokens, such as initial coin offerings (ICOs), is illegal.

In the UK, a hotly debated issue is whether Bitcoin constitutes "property" or "information." If the courts rule that Bitcoin is "property," then they can more easily track down criminals and return stolen Bitcoin to their owners. If the courts rule that it is "information," then it will be more difficult for victims of cryptocurrency theft to get their money back in some cases.

The idea of whether Bitcoin is money is sometimes overlooked by the cryptocurrency community, as digital currencies are often viewed as an alternative to fiat currencies. However, having mainstream authorities recognize the value of Bitcoin and its use cases as a means of payment is another step forward in its adoption.

Bitcoin and some altcoins are also considered valuable. For example, in the case of QuadrigaCX, the cryptocurrency in the exchange's wallet was used to pay and compensate creditors. In most exchange hacks, the theft of digital assets is also considered a significant loss of property.

The main drawback of Bitcoin as digital cash for consumption at this stage is its huge volatility. Bitcoin recently rose from a low of around $8,500 to $9,130, and this volatility can pose risks to merchants.