A recent report put forth by Les Echos has declared Bitcoin to be an official currency in France. The court of France has given judgment to a long-pending case over the recognition of Bitcoin. The decision to approve Bitcoin as a legal currency was made earlier in the month of February, but it was made public a few days back.
Les Echos is a big step that will open an ocean of opportunities for crypto-related businesses and entrepreneurs in France. This court decision will certainly enhance the situation of Bitcoin and boost its liquidity in the country.
The Court of France Calls Bitcoin a Currency
The decision to present the status of legality to the Bitcoin currency was given by the Commercial Court of Nanterre. Bitcoin was given the title of the fungible intangible asset, just like the country’s fiat currency.
A lawyer Hubert de Vauplane from Kramer & Levin says that this selection now allows Bitcoin to be legally used as money. So it ought to spur the range of Bitcoin transactions in France – lending, trading, repo, etc, and, thus, turn the crypto market into a more liquid one.
The preliminary legal case
The court made the decision whilst running on a dispute among French crypto alternate Paymium and English investment firm, BitSpread, managing crypto.
In 2014, Paymium lent BitSpread a certain amount of BTC. When Bitcoin Cash emerged in 2017 because of the difficult fork and all BTC holders acquired BCH on a 1:1 ratio, the query emerged whether or not BitSpread needed to go back to Paymium, the BCH it received as well.
Germany First to legalize Bitcoin
Earlier, Bitcoin made headlines with information that Germany had emerged as the first country in Europe to present Bitcoin prison repute and renowned it as ‘non-public money’ and a monetary tool.