In a major court ruling, the Supreme Court of British Columbia ordered the repayment of $1.2 million in a loan disagreement involving Bitcoin. This shows that cryptocurrencies are becoming more accepted in financial deals.
Hung Nguyen lent Daniel Tambosso 22 Bitcoins (BTC) in September 2021. This was at the heart of the case. At first, Nguyen loaned Tambosso 18 BTC for a project, and soon after, he gave him another 4 BTC. Even though the deal said Tambosso had to return the bitcoin within 48 hours, he didn’t. This led Nguyen to take legal action.
Justice Fitzpatrick agreed with Nguyen and told Tambosso to pay back $1,240,106.22 CAD. This amount is equal to the value of 22 Bitcoins plus interest that has been added since September 24, 2021. The judge made it clear that the borrower still had to pay back the loan, even if the project didn’t work out. The judge treated the coin exchange with the same seriousness as regular money transfers.
This decision is part of a larger trend where courts are more and more accepting and following deals that have to do with cryptocurrencies. The choice made in British Columbia is in line with recent changes around the world, such as how cryptocurrencies are now used in the United States and the United Arab Emirates.
With more and more people using digital currencies, this case shows how important it is to follow through on your end of a cryptocurrency deal. This is also a major turning point in the changing legal landscape of digital assets; it sets a standard for future conflicts concerning cryptocurrencies.
