According to a report in a local news publication, the Commercial Court of Nanterre of France made a historic decision recognizing bitcoin as legal tender in the country. The ruling relates to a case between French cryptocurrency exchange Paymium and UK-based alternative investments firm BitSpread. Paymium had loaned 1,000 BTC to BitSpread before the Bitcoin Cash hard fork in 2017.
The court ruled in favor of the borrower after recognizing bitcoin as a legitimate form of money.
After the bitcoin cash hard fork in 2017, Paymium and BitSpread both claimed that the bitcoin cash created belonged to them. The court ruled in favor of the borrower, in this case, BitSpread. This case forced the court to consider the legal nature of bitcoin. The Commercial Court of Nanterre reasoned that Bitcoin lending is the same as any other consumer loan.
BREAKING: France has now officially made #Bitcoin legal money.
Authorities have granted #Bitcoin legal status as money in France. A historic day for the crypto industry.
— Bloqport (@Bloqport) March 6, 2020
A historic week for crypto regulations around the world
The last few days have been quite good for crypto regulations around the world. The Supreme Court of India, in a historic decision, lifted the banking ban on cryptocurrencies in the country and allowing users to trade crypto. South Korean parliament also passed a crypto bill making crypto trading legal in the country. These favorable regulations around cryptocurrencies can boost the adoption considerably in the future.