The court of Amsterdam recognized Bitcoin as “transferable value”

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The court of Amsterdam recognized Bitcoin as “transferable value”

The court of Amsterdam recognized bitcoin as “transferable value”, obliging the defendant to satisfy the  claim in the cryptocurrency. Judicial documents indicate that Jan-Willem de Fries filed a lawsuit against Koinz Trading BV., which required compensation of 0.591 BTC or a fine of up to 10,000 euros.

The Court of Amsterdam stated that if the company did not fulfill its obligations to pay de facto amount, it would be declared insolvent. The court decision states that bitcoin has all characteristics of the object of ownership and, therefore, the claim for payment of compensation in BTC is legal.

“According to the court, bitcoin exists. It is based on a unique encrypted series of numbers and letters stored on the hard disk of the owner’s computer. Bitcoin is transmitted by sending it from one purse to another, “the document says.
Thus, since bitcoin expresses value and is transferable, it possesses the characteristics of the object to which the property rights are subject. In addition, since the obligations between Koinz Trading BV and de Fris are expressed in bitcoins, the claimant’s claims must be satisfied in the crypto currency.

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