A judge in Singapore has weighed in on whether cryptocurrency is money or not.
As the Algorand Foundation attempts to recover assets from Three Arrows Capital, the case highlights the role of legal judgments in settling cryptocurrency’s status.
Is Cryptocurrency Money?
One question that has relevance to a number of ongoing court proceedings the world over is whether cryptocurrency counts as “real” money in a legal setting.
In Singapore, the insolvency of Three Arrows Capital following its dramatic collapse last year has created a mountain of litigation. As the bankrupt firm’s clients line up to stake their claims for its assets, questions remain concerning what kind of assets are up for grabs.
On March 30, the judge presiding over a claim brought by the Algorand Foundation summed up the challenge would-be creditors face.
Seeking 53.5 million USDC, Algorand’s lawyer argued that the cache of stablecoins should be considered a sum of money. After all, Singapore recognizes the status of foreign currencies in such liquidation proceedings. Why not one of the world’s most…