The Court of Amsterdam has recently reported of a finding that Bitcoin has ‘properties of wealth’. Previously this week, it had listed the disagreement of civil rights between a commoner and the private mining company. Mandatory laws have been ensured to make the payment of 0.591 BTC, constrained legally between two people involved in Bitcoin mining.
Mr. JW de Vries had enlisted a lawsuit against Koinz Trading BV on February 14th. The court has ruled in favor of Mr. Vries, who was owed 0.591 BTC by the company. Adding to this, the Court has also stated that Bitcoin is found to possess “properties of wealth”. This means that any bitcoin transfer under Dutch property rights is now legally valid.
Dutch Court states that Bitcoin possesses “Properties of Wealth”
The final verdict states, “Bitcoin exists, according to the court, from a unique, digitally encrypted series of numbers and letters stored on the hard drive ofenli the right-holder’s computer. Bitcoin is ‘delivered’ by sending bitcoins from one wallet to another wallet. Bitcoins are stand-alone value files, which are delivered directly to the payee by the payer in the event of a payment. It follows that a bitcoin represents a value and is transferable. In the court’s view, it thus shows characteristics of a property right. A claim for payment in Bitcoin is, therefore, to be regarded as a claim that qualifies for verification”.
The Dutch Court also considered the Holland’s Bankruptcy Act while finalizing the verdicts. The court said that the applicant had a number of claims from the accused party. As per the documents given by the applicant, other people having similar claims on the same party has been found. Hence, the right of the applicant seemed very obvious according to the facts and situation and he is in a stance of not paying the money.