A global wave is currently in the offing. No matter whether India, Germany or South Korea: Regulators all over the world have recently expressed themselves on the legal treatment of cryptocurrencies by – with more or less precision – creating a basis for Bitcoin and Co. This includes aspects such as the classification of cryptocurrencies: are they an economic good, a commodity or a currency in the classic sense?
In our neighboring country France, there was now a small BTC revolution, because France recognized Bitcoin as a currency in the classic sense of the law. This has an impact not only on the current court case in France, but on the entire crypto space. Are we in the middle of a global Bitcoin revolution?
Bitcoin recognized as “currency” in France
The oldest cryptocurrency is just under 11 years old, but still has enormous disruptive potential. So it is no wonder that this novelty in the financial sector presents regulators worldwide with challenges: Is Bitcoin an economic good, a commodity or a currency?A court in France now seems to have clarified this in a court ruling for our neighboring country.
Already on Thursday the largest daily financial and business newspaper “Les Echos” in France reported that the commercial court in Nanterre defined Bitcoin on February 26 as an exchangeable, fungible and non-individualized asset. These are the same properties that fiat money is awarded as the euro or the US dollar.