The international law firm Bird & Bird concludes cryptocurrency is not legally money. Instead, Bird & Bird describes the Pluton (PLU) cryptocurrency as a utility token or a loyalty point.Read more
For instance, attorneys at Plutus’s law firm Bird & Bird wrote an interesting legal opinion on Pluton (PLU)’s legal status that could have far-reaching implications for cryptocurrency. Notably, Bird & Bird concludes cryptocurrency is not money.
“In summary, PLU are loyalty points similar to cash-back points from your grocery store, or air-miles when you travel. In this sense, they qualify as utility tokens in every category,” Bird & Bird concludes.
Instead of a currency, a Pluton (PLU) is a “non-monetary reward token” similar to frequent flier miles. Therefore, Plutus regards Plutons as rewards tokens and not cash.