According to the South Korean court, Bitcoin is not money! What is the catch? Read the whole story here -
Bitcoin is not Money: South Korean Court Says, What’s the Catch?“The interest restriction law and the loan business law do not apply” to cryptocurrencies, the South Korean court ruled.
As such, the primary cryptocurrency is not subject to the local lending business legislation, and interest rate rules “don’t apply” to it., South Korea’s magistrates came up with their decision after being involved in a case between two firms whose names were undisclosed due to legal reasons. However, Company B failed to comply with the terms, and Company A extended the rental period until April 2021, changing the interest condition to receiving 0.246 BTC per month .Despite the extension of the contract, the debtor could not honor the agreement again, resulting in a lawsuit filed by the borrower. Company B said in court that “Company A violated the Interest Limitation Act and the Loan Business Act” by changing the rates.
The officials went further, maintaining that cryptocurrencies like bitcoin are not money and should not be subject to domestic lending business rules. In other words, it is impossible to limit the interest rate when lending BTC .While South Korea does not view the leading digital asset as money, one could argue that it could partially fit into that category. Economists say that money has three functions: a unit of account, a medium of exchange, and a store of value.
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