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

Agents Have A New Payment Solution to Connect & Collect Cryptocurrency

There’s a new way for bookie agents to connect and collect with their players. Cryptocurrency is already widely-popular with agents and players in the sports betting industry. Now, collecting and payouts just got simplified—Get the details here!

7 Easy Steps To Creating A Profitable Sportsbook Business

7 Easy Steps To Creating A Profitable Sportsbook Business

Want to to build a sustainable sportsbook business? Make the most revenue possible? Be your own boss? Good. All you need are these 7 steps to start to really build a profitable sportsbook business. Get the details here.

Betting With A Bookie

If youíre a person that likes to bet on sports there are a few options that you can utilize in order to make wagers, such as going to an actually Casino, finding an online sportsbook, or finding a local bookie. 

Professional Bookie Software

If you are a person that likes sports and betting and likes to actually make money from it then using professional bookie software in order to book action could prove to be a great opportunity.

How To Become A Sports Bookie Through A Pay Per Head Service

How To Become A Sports Bookie Through A Pay Per Head Service

Achieving your dream of owning your own sports bookie agency is now possible through our Top Pay Per Head service.

Syndicate