Dutch Court Finds ฿itcoin A Legitimate “Transferable Value”

A Dutch court classifies ฿itcoin as a “transferable value” after the court ruled in favour of a plaintiff who was owed 0.591 ฿itcoins (BTC), according to a court published document on March 20.

The claim was filed in a Dutch court by Mr. J.W. de Vries on 2 February 2018 against Koinz Trading BV, a non-public company, which was previously ordered by a lower court of Midden-Nederland to pay mining proceeds in the amount of 0.591 BTC owed to the petitioner or a penalty payment up to a €10,000 maximum.

As a consequence of the company’s failure to comply with its obligations to pay the required volume in BTC, the court ordered that the company either pay up or be declared insolvent.

The court judgement explicitly states that ฿itcoin demonstrates all the characteristics of a “property right” and hence a claim to transfer BTC under property rights is legitimate:

“฿itcoin exists, according to the court, from a unique, digitally encrypted series of numbers and letters stored on the hard drive of the right-holder’s computer. ฿itcoin is ‘delivered’ by sending ฿itcoins from one wallet to another wallet. ฿itcoins are stand-alone value files, which are delivered directly to the payee by the payer in the event of a payment. It follows that a ฿itcoin represents a value and is transferable. In the court’s view, it thus shows characteristics of a property right. A claim for payment in ฿itcoin is therefore to be regarded as a claim that qualifies for verification.”

The court found that there was an undisputed contract between Mr. Vries and Koinz Trading BV: since the obligations were taken in BTC, the amount should also be paid back with the same currency. The court considers this the legal relationship as a civil obligation to pay.

While the Dutch court may be making gradual steps toward crypto being recognized as a currency, other organizations do not recognize it as such.
The G20 Financial Stability Board (FSB) released a document on March 20, in which it is implied that the FSB considers cryptocurrency to be assets, rather than currency. The document claims that cryptocurrencies “lack the traits of sovereign currencies.”

Last month, Governor of the Bank of England, Mark Carney, said that, "It [cryptocurrency] has pretty much failed thus far on... the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange."

G20 Considers Crypto As Assets, Not Currencies, According To Document Draft

A draft of a G20 document--acquired by Bloomberg--reads that cryptocurrencies “lack the traits of sovereign currencies,” implying that the G20 considers crypto to be an asset rather than a currency, Bloomberg writes on March 20.

The issue of how to define cryptocurrencies is expected to be discussed this afternoon, according to Bloomberg.

Klaas Knot, the chair of the Financial Stability Board (FSB), an international regulatory body formed by the G20 in 2009, and also the president of De Nederlandsche Bank NV, told Bloomberg that “Whether you call it crypto assets, crypto tokens--definitely not cryptocurrencies--let that be clear a message as far as I’m concerned:”

“I don’t think any of these cryptos satisfy the three roles money plays in an economy.”

On March 20, 2018, BTC’s price jumped around $1000 after a letter to G20 circulated from the Bank of England’s governor, also the head of the FSB, that said cryptocurrencies were not a “risk” to the world’s economy.

฿itcoin Will Be World's "Single Currency" Says Twitter CEO, Jack Dorsey

Jack Dorsey, chief executive of Twitter and Square payment company has spoken of his strong belief in the future potential of ฿itcoin.

In an interview with The Times published on Wednesday, Jack Dorsey himself, a noted ฿itcoin investor, said he believes the cryptocurrency will take over the U.S. dollar's dominant place in world finance and become the primary global currency for payments.

Suggesting the shift could happen in 10 years or less, the entrepreneur said:

"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be ฿itcoin."

While conceding that ฿itcoin is faced with scaling issues right now, making it "slow and costly," Jack Dorsey nonetheless argued that new solutions will ease that difficulty in the end.

"As more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable," he said.

In fact, Jack Dorsey is putting his money where his mouth is in an effort to bring about faster, cheaper ฿itcoin transactions.

Last week, CoinDesk reported that Jack Dorsey had participated in a funding round that raised $2.5 million for Lightning Labs. The startup has notably just launched its beta version of the Lightning Network, a protocol layer built above the ฿itcoin Blockchain to speed up the transaction process, as well as lower fees.

The investment followed Square's trial, announced last November, which allowed limited users to buy and sell ฿itcoin over its payment application, Cash App.

Following the test, Square is now offering the ฿itcoin service in the U.S. state of Wyoming, and is reportedly seeking for a so-called "BitLicense" to extend the option to New York.

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