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Saturday, September 9, 2017

Korean Court Rules Bitcoin Cannot Be Confiscated

Korean Court Rules Bitcoin Cannot Be Confiscated

The Suwon District Court in South Korea ruled on Friday that “bitcoin is not subject to confiscation,” the Kyunghyang Shinmun reported. This is the first time a court has ruled in Korea on the nature of digital currency, the publication noted.

Korean Court Rules Bitcoin Cannot Be ConfiscatedThe case involves Ahn, 33, who was indicted on suspicion of operating an illegal pornography site, avsnoop.club, which had approximately 1.2 million members. He was arrested in May for pocketing an alleged illegal 1.9 billion won in membership fees. The Southern Gyeonggi Provincial Police Agency confiscated Ahn’s 216 bitcoins. It was the first time a domestic investigative agency seized digital currency as a criminal profit in Korea.

However, the court did not accept the prosecution’s confiscation of the bitcoins, the news outlet detailed, and quoted the court saying:

It is not appropriate to confiscate bitcoins because they are in the form of electronic files without physical entities, unlike cash…Virtual currency can not assume an objective standard value.


Full story at http://bit.ly/2xVM8gv


Source: Bitcoin News


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