Is Bitcoin the official currency?
The French court recognized Bitcoin as an interchangeable asset, thus equating it to the official currency. The decision was made as part of a trial between the Paymium French exchange platform and the BitSpread English investment firm. The court recognized that the general crediting principles spread to digital money. Lawyer of Kramer & Levin Hubert de Vauplane called this decision as the large-scale and significant one, as it allows to consider Bitcoin as money or other financial instruments. A cryptocurrency is a type of digital currency, accounting internal UA of which is registered by a decentralized payment system (there is no internal or external administrator or any equivalent) that operates in a fully automatic mode. The term “cryptocurrency” was first discussed in 2011, starting with the Forbes magazine’s publication. Since then, the name has become ingrained in daily use and is applied to coins that do not have an expression in the form of paper banknotes or metal coins. This type of money exists exclusively in the digital space. Cryptocurrency is created and transmitted by cryptographic methods, mainly based on block-chain technology. “Coins” are issued initially in electronic form, verbally due to mathematical calculations. In simple phrase, cryptocurrency is an artificial payment system that is equated to real money, which has an official rate.
