News South Korea Court Rules Seizure of Bitcoin Unlawful

South Korea Court Rules Seizure of Bitcoin Unlawful

-

- Advertisment -

In what is being reported as “the first time that a [South Korean] court has ruled the nature of virtual money,” officials have deemed the confiscation of bitcoins by police unlawful.

On June 8, 2017, a Suwon District Court sentenced an individual identified as 33-year-old Ahn, who was indicted for operating a pornography site since December 2013. Following Ahn’s arrest in May, police seized assets comprising 1.9 billion Won in cash and 216 bitcoins. As per translation, the court ruled, “It is not appropriate to confiscate bit coins because they are in the form of electronic files without physical entities, unlike cash. Virtual currency cannot assume an objective standard value.”

Citing a difficulty in the capability to assess an exact value, the court’s guidance indicated that in such cases where cryptocurrencies were tied to criminal activity, the value of the cryptocurrency should be converted to a corresponding fiat rate that then may be applied to judgment or fines, as opposed to condoning police confiscation.

As a first of its kind, the judgment sets a precedent in South Korea and may help shape the evolving regulatory landscape of the region.


Quotes translated from Korean using Google Translate.

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Top 8 Potential Cryptocurrency Business Ideas for 2021

Which word comes into your mind when you hear or think of the word ‘cryptocurrency’? It might...

3 Important Reasons to Have AML for Cryptocurrency Business

In this article we are going to examine the 3 most important reasons to Have AML for...

Use of Smart Cards in Blockchain App Development

Ever since blockchain technology made a major breakthrough all over the globe, experts and forecasters have been...

IMF: Risk of substitution of domestic money by central banks’ digital currencies

Central banks around the world began looking closely at the issuance of their own digital currencies, known...
- Advertisement -

Ripple: The cryptocurrency that will ‘change’ the world in 2020

Ripple could say he's a child of Bitcoin: In December 2017 Bitcoin hit a record price in...

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders. Spain's government has reportedly approved...

Must read

- Advertisement -

Read Next
Recommended to you