Dutch Court Finds that Bitcoin has Legitimate “Transferable Value.”
As indicated by the district court of Amsterdam, bitcoin is exchangeable and has value.
On 14th February 2018, after failing to conform with a court order to pay 0.591 BTC in mining returns to a customer, KOINZ Trading BV was announced bankrupt by the district court of Amsterdam. In its decision (Dutch), announced on 20th March 2018, the court designated a bankrupt trustee and found that bitcoin possesses attributes of Property rights (i.e., bitcoin represents value and is exchangeable).
However, due to the nature of bitcoin wallets and private keys, it is not clear how the trustee would seize digital currency assets or carry out the payment order. If the digital currency mining firm does not give the private keys to their wallets, the court (the client) may just have a plan of action through fiat channels.
When KOINZ Trading BV was first requested to pay up on 17th January 2018, the firm was undermined with a fine of up to 10,000 Euros.
Prior this month, Dutch Bank Finance Minister Wopke Hoekstra addressed digital currency regulation in a letter to Parliament. Coindelite reported on the Banking ties between the Netherlands-based ING Group, Bitfinex, and Tether.