Various countries are suddenly recognizing Bitcoin and other cryptocurrencies as legal tender. This is a development many people have been looking forward to, albeit the short-term price impact will probably be minimal.
France is the latest country to throw its hat in the ring.
France Seems to Welcome Bitcoin
More specifically, the Commercial Court of Nanterre has decided thatBitcoin is effectively a currency.
In its verdict, it was mentioned how Bitcoin is a fungible intangible asset, which provides a legal frame of reference for other cryptocurrencies as well.
What makes this announcement so interesting is how no one really saw it coming.
Active regulation of cryptocurrencies in Europe is not advancing rapidly by any means.
French officials have not shown much interest in doing so either, with some government officials even being hostile toward Bitcoin.
Because of this decision, Bitcoin can now be treated as other financial instruments, including money.
This also means Bitcoin transactions are legal in France, as is the exchange of this crypto asset across trading platforms.
It seems unlikely that this news will lead to a major increase in crypto adoption across France, however.
In addition, the price impact of this verdict will also be negligible, for obvious reasons.
That said, it does create an interesting situation for the future of Bitcoin in France.