South Korean Court Decides Bitcoin Is Not Money, Exempts It From Interest Rate

By Lola Coin Jun 28, 202359Views

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A court in South Korea has dismissed Company B’s claims regarding a contract involving virtual assets, specifically Bitcoin. The court ruled that the regulations outlined in the Interest Limitation Act and the Loan Business Act did not apply to this case since it involved virtual assets rather than traditional currency. The court further stated that interest rate limitations cannot be imposed when lending Bitcoin based on the country’s existing legal framework. According to South Korea’s legal system, Company B has the option to challenge the ruling twice, potentially contesting the decision at the Supreme Court.

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