South Korean Court Decides Bitcoin Has Economic Value

For the first time, a South Korean court has ruled that Bitcoin has economic value. The court did not recognize Bitcoin before, but now the decision has changed the situation. The lawsuit involving the court involves the confiscation of 191 Bitcoins.

Bitcoin Redefining

Local news outlets reported on Tuesday that For the first time, the Suwon District Court admitted that Bitcoin has economic value and can be used for foreclosure.. Ahn earned Won 1.9 billion ($1.78 million) on membership fees. At the time of Ahn’s arrest, local police teams in the area confiscated 216 Bitcoins from an online wallet belonging to Ahn, from which fees were collected from the site.

In September of last year, the court did not recognize Bitcoin, and Bitcoin was denied. He said that it cannot be used in foreclosure proceedings.. A court official said the reason behind the conclusion that Bitcoin has no economic value is that Bitcoin is “in electronic files without physical assets, unlike cash.”

New Decision from the Court

After the first decision, in December, an application was made to the court to apply foreclosures on Bitcoins as well.. The second hearing took place recently.

In the second hearing, the court stated that “the law to hide profits from crime does not restrict criminal income to property, but includes cash, deposits, shares and other products of economic value,” adding:

“Bitcoin can be monetized through an exchange. It can be used as a means of payment through merchants (Bitcoin), so it should be assumed that Bitcoin has economic value.”

Following this statement, the court later stated that “Out of the 216 Bitcoins seized during the lawsuit, Ahn’s He stated that he was able to trace 191 Bitcoins “to the email addresses of members on the pornography site, which is why these Bitcoins are “recognized as illegal proceeds from the site’s operations.”

Bitcoin since Ahn’s arrest in May the price has increased drastically. 191 Bitcoins owned by Ahn are worth about $2 million.

“What does it mean for Bitcoin to be used in foreclosures?” If you ask, a lawyer Maekyung interviewed might answer your question:

“Recognizing that digital money is something that can be confiscated means that it can be transferred to the national treasury and used as a national budget. .”

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