Cloud Over Cryptocurrencies Shows Signs of Dissipating With Korea Court Ruling

Written by:
Guest
Published on:
Jan/31/2018

For the first time, a South Korean court has ruled that Bitcoin does indeed have an economic value.  In making this ruling, the court overturned an earlier court ruling which did not recognize the digital currency. The case involves the confiscation of 191 bitcoins.

The original decision was explained by Bitcoin.com News:

The ruling concerns the case involving Ahn who was arrested in May of last year and convicted of operating an illegal pornography site with approximately 1.2 million members. Ahn pocketed 1.9 billion won (~USD$1.78 million) in membership fees. While arresting him, the Southern Gyeonggi Provincial Police Agency confiscated his 216 bitcoins from an online wallet which received some fees from the site.

In September of last year, the court did not recognize bitcoin and ruled that it could not be confiscated, as news.Bitcoin.com previously reported. An official from the court explained that they did not judge bitcoin to have any economic value because it is “in the form of electronic files without physical entities, unlike cash.”

An appeal resulted in today's decision with the court finding that “The crime profit concealment law does not restrict the criminal income to the goods but the cash, the deposit, the stock, and other property with economic value,” Chosun reported and further quoted the court explaining:

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

The news hadn't stopped the bleeding Wednesday, however, as most cryptocurrencies, including Bitcoin, continued to realize a drop in price from Monday highs.  Bitcoin Cash was up slightly (2%) from its low Tuesday as of 7:15 pm EST.  Bitcoin Core was up around 1.5%.  Ethereum was seeing a near 6% rise.  For the week, Bitcoin Core and Bitcoin Cash were down 10%.

- Aaron Goldstein, Gambling911.com

 

 

 

 

 

Business/Financial News

NFL Commish Roger Goodell Details Stance on Legalized Sports Betting

NFL Commish Roger Goodell Details Stance on Legalized Sports Betting

NFL commissioner Roger Goodell says Congress should enact uniform standards for any states that plan to legislate sports betting.

Crypto Market Valuation Drops More Than 55 Percent Over Past Five Months

Crypto Market Valuation Drops More Than 55 Percent Over Past Five Months

A number of big investors say they are not concerned that the cryptocurrency market has lost 55% of its value over the past five months.  It was inevitable, they suggest.

As Bitcoin World Wobbles, Mining Rig Company Plans $2 billion IPO

As Bitcoin World Wobbles, Mining Rig Company Plans $2 billion IPO

Bitcoins are worth less than half of what they were in December. Mining them is 60 percent less profitable than it was in 2017. Even retailers of hobbyist mining rigs say they are seeing fewer customers.

Bet365 Announces Surprise Move to Malta

Bet365 Announces Surprise Move to Malta

Bet365 – one of the world’s leading online gambling groups – has finalised plans to relocate its operations to Malta from Gibraltar as soon as the UK exits the European Union next year, The Sunday Times of Malta can reveal.

Bitcoin Cash 'Sexy' - 'All Other Coins Can Go in the Trash'

Bitcoin Cash 'Sexy' - 'All Other Coins Can Go in the Trash'

Coingeek.com founder Calvin Ayre celebrated his first ever cryptocurrency conference with a boat party in Hong Kong.

Syndicate