Even though the past few months have not been an easy ride for the world’s largest virtual currency, Bitcoin, it appears to be gaining considerable legitimacy in other regions, particularly Europe. This is based on the latest declaration by a court in the Netherlands.
Bitcoin is Transferrable
Just as this week began, a court based in the Netherlands made a landmark ruling in the world of Cryptocurrencies. During a hearing of a case that had ordered a company known as Koinz Trading BV to pay proceeds of mining valued at 0.591 or $5,000, the Dutch court declared this world’s largest virtual coin as a transferrable value.
Expounding further on the ruling, this court said that the property rights are also applicable to virtual currencies as Bitcoin and a host of others. This is due to the fact that, as a virtual coin, Bitcoin has the power to move values in a manner of peer-to-peer transfer. The Dutch court, therefore, noted that the digital coin is a valid transferrable value.
According to a section of this landmark ruling, Bitcoin is in existence from a special series of letters and numbers that are digitally encrypted and kept on the right holder’s computer hard drive. By moving Bitcoin from one wallet to another, Bitcoin is fully delivered. The court also went further to note that the digital coin is a stand-alone value file that are delivered by the payer to the payee directly in case of a payment.
It went further to note that Bitcoin depicts a value that is entirely transferrable. According to the view of the court, it, therefore, shows that features of a property right. Bitcoin claim’s for payment is thus declared as a claim that should be verification.
Bitcoin’s Differences in Regulation
In the United States of America, for instance, the virtual coins are regarded as commodities. This is according to the United States Commodities & Futures Trading Commission (CFTC). In Japan, for instance, the state has recognized the virtual coins as legal currencies, enabling the businesses and consumers to use the virtual currencies as a way of sending and receiving money.
A country like the Philippines, on the other hand, review the virtual coins a way of remitting payments; one that offers an effective way for the settlement of any kind of transaction.
Whereas the digital coins, as an entirety are considered as various kinds of assets of money, most governments consider them as legitimate and valid. If the Dutch court had declared the virtual coins as a non-transferable value, the firm would have been asked to pay the proceeds in the Euro currency. That, however, was not the case as the court authoritatively ruled that the cryptocurrency was a transferable value. The court, in return, asked the company to pay the petitioner a total of 0.591 Bitcoins.
Bitcoin’s Legality Remain Clear in Other Regions
Even as there seems to be good news in certain quarters, the legality of this coin still remains unclear in some states. This formed the basis of discussion in the past G20 Summit, where more that twenty top global economies participated.