The Seoul High Court Civil Division in South Korea has ruled that Bitcoin should not be treated as money and is not subject to local lending business legislation and interest rate rules. The decision was made in a case between two undisclosed firms, where Company A lent 30 BTC to Company B. Company B failed to comply with the terms, resulting in a lawsuit. Company B argued that Company A violated interest limitation laws, but the court rejected this, stating that the contract involved virtual assets, not money. The court further asserted that cryptocurrencies like Bitcoin are not money and should not be subject to lending business rules. While South Korea does not view Bitcoin as money, it partially fulfills the functions of money, such as a medium of exchange. Bitcoin’s adoption has increased, with many well-known companies accepting it as payment. However, critics argue that Bitcoin’s volatility makes it unsuitable as a store of value compared to assets like gold.
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