‘Bitcoin Has Economic Value,’ South Korean Court Rules

‘Bitcoin Has Economic Value,’ South Korean Court Rules

This is a milestone in the history of bitcoin’s nine-year-old existence. For the first time, one of South Korea’s courts has held that the most known crypto-coin in the does have an economic denomination. Before coming to such a conclusion, the court was rendering judgment concerning the case of 191 BTC seizure.

“New” Status For ‘Big Daddy’

Referring to regional media reports, news.Bitcoin.com informed that South Korean Suwon District Court has recently ruled that BTC has worth. Therefore, it can be sequestered.

The recognition of bitcoin’s budgetary value has come out in the frames of a case of Ahn. This person was apprehended in late spring 2017. Ahn was condemned for running an illegal porn website with more than a million of users. The individual appropriated around $1.78 million in club dues. Some of the contributions were sent to Ahn’s BTC wallet, so while detaining the person the local police also impounded 216 units of the ‘Big Daddy’ currency.

Remarkably, last year autumn the court refused to acknowledge that this cyber coin has value and concluded that nobody can seize it. At that time, court’s representative explained that BTC’s value recognition was not possible as it had neither real foundation nor cash behind it.

Back in December 2017, the prosecutor turned to the court after the first decision to find out whether it was possible to seize BTC. Hence, the second trial took place not long ago. In it, the judge emphasized:

“The crime profit concealment law does not restrict the criminal income to the goods but the cash, the deposit, the stock, and other property with economic value.”

It was also concluded that BTC can be ‘turned’ into fiat via exchange as well as employed for conducting payments.

“Bitcoin can be changed into money through an exchange. It can be used as a means of payment through merchants, so it should be regarded as having economic value,” the court explained.

After that it was ruled that out of 216 Ahn’s impounded units of BTC, 191 were tracked. It was found out that they came as payment from the porn site user. Thus, the judge admitted that these BTC units were revenues, though illegal.

A lawyer later interpreted to one of South Korea’s media outlets that such acknowledgment of cyber-money indicates that then it will be sent to the coffer and utilized on par with tax money.