South Korean court judge bitcoin has economic value

South Korean court judge bitcoin has economic value


A court in South Korea for the first time to determine the bitcoin has economic value. This reversed a previous court ruling, the ruling does not recognize the digital currency. The case involved the confiscation of 191 coins.

Again consider bitcoin status

According to local media reported on Tuesday, the Suwon District Court in South Korea for the first time that bitcoin has economic value and can be confiscated.

This decision involves Ahn was arrested in May last year the case, and was sentenced to operate an illegal pornographic website, which has about 1 million 200 thousand members. Ahn won 1 billion 900 million won ($1 million 780 thousand) of the membership fee. In the police arrested him at the same time, the South Bureau of Gyeonggi Province seized 216 bitcoins, these bitcoin from an online wallet, this is some of the costs obtained from this website.

According to reports, in September last year, the court did not recognize bitcoin, and ruled that it cannot be confiscated. An official of the court explained that they do not think bitcoin has no economic value, because bitcoin is in the form of electronic documents, no entity and cash.

The court ruling bitcoin

After the first ruling in December last year, prosecutors appeal to court for forfeiture of bitcoin. The recently held second hearings.

In the second trial, the court found that the criminal law and not hidden profit crime income restrictions on merchandise, but in cash, deposits, stocks and other economic value of property, Chosun reported citing a court and further explanation:

“Bitcoin can be converted into money through exchange. It can be used as a means of payment by businesses, so it should be regarded as an economic value.”

The court then ruled that “in 216 bitcoin indicted, 191 bitcoin Ahn was traced to pornographic website members email address, so they are considered” criminal behavior of the website operation.”

Since April this year, Ahn was arrested, bitcoin prices have risen sharply. According to the price of bitcoin, this 191 bitcoin worth about 2 billion 130 million won ($2 million). These data are provided by the Bithumb bitcoin price based on. Bithumb is one of the largest U.S. encryption currency exchange.

Maekyung quoted a lawyer explained:

“That is a virtual currency confiscation of objects, which means that it will be transferred to the Ministry of Finance and the state budget as.”

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