South Korean Court Rules That Bitcoin ‘Is Not Money’.

A South Korean court has ruled that “Bitcoin (BTC) is not money,” and that “interest rate rules don’t apply” to business deals involving cryptoassets.

They think that it is ‘impossible to set interest rates when lending bitcoin’ as cryptocurrency is not money.

The two firms, the court heard, signed a contract involving Bitcoin in October 2020.

The first firm, referred to as Company A, was described as a “fintech company” that works with “cryptoassets.”

A second firm, Company B, penned a deal with A that saw it borrow BTC 30 for three months.

Company B appears to have agreed to pay Company A BTC 1.5, a sum equivalent to 5% of the total, for the first two months, and BTC 0.75, a sum equivalent to 2.5% for the final month.

But issues arose when Company B “failed to repay the Bitcoin properly.”

At this point, the court heard, Company A “extended the loan period to April 2021,” and “changed the interest rate to BTC 0.246 per month, a sum equivalent to an annual interest rate of 10%.

But when Company B failed to repay its creditor in accordance with the terms of the contract, Company A filed a civil lawsuit.