In the Netherlands the court recognized Bitcoin as “a transferred value”

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2018-03-23
In the Netherlands the court recognized Bitcoin as “a transferred value”

The court of Amsterdam recognized bitcoin as “a transferred value”, having obliged the defendant to meet the requirement of the claimant in cryptocurrency.

In the judicial documents, it is specified that Jan-Willem de Fris submitted a claim against the Koinz Trading BV company., in which payment of compensation for the sum worth 0,591 BTC or a penalty in the amount up to 10 000 euros was required.

The court of Amsterdam decided that in case of failure to follow the company of obligations for payment to de Fris of the specified sum it would be recognized as insolvent.

In the judgment, it is said that all characteristics of an object of the property right were peculiar to Bitcoin and, therefore, the requirement for payment of compensation in BTC was lawful.

“According to the court, Bitcoin exists. The unique ciphered series of figures and letters which are stored on the hard drive of the computer of the owner is its cornerstone. Bitcoin is transferred by means of its sending from one wallet to another.”

— it is noted in the document.

Thus, as Bitcoin expresses value and is transferred, it possesses characteristics of an object to which property rights extend. Besides, as obligations between Koinz Trading BV and de Fris are expressed in Bitcoins, and meeting requirements of the claimant have to be carried out in this cryptocurrency.

 

 

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