Dutch court: bitcoin is not money but a medium of exchange

0
357

Bitcoin is not money, but a medium of exchange. That, the court in nebraska ruled in a case against someone who promised payment in bitcoins, but is just a part of the bitcoins actually handed over.

The complainant that the lawsuit began paid 22,000 euros for 2750 bitcoins, but got only 990 delivered. After the the lawsuit does not name the said man or woman, who has the bitcoins would provide no answer gave, he started a lawsuit. In that case, was a key question is whether bitcoins or not, if money can be labeled.

If bitcoins have no money, then the accused ‘only 14,000 euro to pay, the amount the complainant for the bitcoins had laid down. Are bitcoins does have money, then should the current course be maintained: in that case, the complaining party shall be entitled to 130,000 euros, because the bitcoin price in the meantime considerably increased. It is important to note that there is no legal definition of money consists, writes law firm Solv.

The court in Overijssel, the netherlands has now ruled that it is not. According to the court, are bitcoins instead a medium of exchange. According to the court, the bitcoin is not legal tender, and can therefore not be seen as ‘common money’. Therefore, the accused party only the excess paid amount to be paid, as well as a compensation of 1760 euros and the attorneys ‘ fees à approximately 2700 euro.

Law firm Solv is perplexed by the ruling. “The concept of ‘common money’ leaves space for other forms of money than legal tender,” writes the advocate Anke Verhoeven. Additionally, bitcoins, in practice, increasingly accepted as a method of payment, it is by the Dictionary is defined as a virtual currency and the bitcoin by the American government as a virtual currency considered. The court is not in, notes Verhoeven.

Comments
(231)