South Korean Court Recognizes Bitcoin as a Valuable Asset The South Korean Supreme Court on Wednesday upheld a lower court's decision to confiscate cryptocurrencies from a person involved in a sexual cybercrime case. The news agency Yonhap writes about this.
South Korean court recognizes bitcoin as valuable asset
The South Korean Supreme Court on Wednesday upheld a lower court's decision to confiscate cryptocurrencies from a person involved in a sexual cybercrime case. Writes about this news agency Yonhap.The Supreme Court upheld an appeals court ruling that sentenced the operator of a child pornography website to 18 months in prison and ordered the seizure of 191 bitcoins in addition to a 696 million won ($ 644,000) fine.
The charges against the 33-year-old defendant in the case were filed in May 2014. The lower court refused to satisfy the claim for the recovery of bitcoins, stating that the cryptocurrency exists in electronic form and has no material form.
The Supreme Court overturned this decision, motivating its step by the fact that cryptocurrency can be considered as "income from the sale of goods".
Earlier, the Russian Court of Appeal allowed the inclusion of cryptocurrency in the bankruptcy estate of an individual declared bankrupt, thus indirectly agreeing to qualify it as property.
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