The court of the Kingdom of the Netherlands recognized the Bitcoin lawful “transmitted value”

The court of the Kingdom of the Netherlands recognized the Bitcoin lawful “transmitted value”

The court of the Netherlands ruled in favor of the plaintiff, requiring the private company to pay him his income from mining in the amount 0,591 BTC. The significance of the incident cannot be overstated. In fact, the court recognized Bitcoin “transmitted value”.

The petition was filed on February 2, 2018 Mr JW de Vries vs private company Koinz Trading BV, which is an early lower court ordered to pay 0,591 BTC owed to the plaintiff, or to pay a fine in the amount of 10 000 euros.

After the failure of Koinz Trading BV to comply with the requirement of the court, orders were issued either to declare itself bankrupt, or to pay in BTC.

The judgment States that Bitcoin has all the characteristics of property rights, and therefore, the requirement on the transfer of BTC property rights in accordance is the place to be:

Bitcoin consists of a unique, encrypted digital series of numbers and letters stored on the hard disk of the copyright holder. Were also recorded transaction of bitcoins from one wallet to another. Bitcoin is an Autonomous value, which the payer remits directly to the recipient. This implies that Bitcoin is valuable and can be transferred. According to the court, this is the characteristics of the object that has the rights of ownership.

The court found the existence of a conclusive agreement between the company Koinz Trading BV and Mr de Vries JW, where the company has committed to pay due to the plaintiff in Bitcoin, accordingly, the amount claimed must be paid in the digital currency. The court qualified the incident as a trial in a civil case.

Taking note of articles 1, 2, 4, 6 and 14 of the Law on bankruptcy, the judge gave comments:

The plaintiff was submitted to the court and other claims of breach by the company Koinz Trading BV. Therefore, the court ruled in favour of Mr JW de Vries.

The decision of the Dutch court, of course, is a positive signal for the acceptance of cryptocurrencies as a payment method along with traditional Fiat.

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