Bitcoin Can't Be Confiscated: First Korean Court Rule On This Topic
In a historical ruling, a South Korean court decided that Bitcoin cannot be confiscated. Even if, during a trial, the said Bitcoin is proved to be coming from criminal activities, the proceeding is that you calculate the damage in money (aka fiat) and make the person liable for that amount of money, but you can't confiscate the actual Bitcoin.
It is not appropriate to confiscate bitcoins because they are in the form of electronic files without physical entities, unlike cash…Virtual currency can not assume an objective standard value.
It's the first ever ruling of a court in South Korean concerning Bitcoin, and I must say they started on the right foot.
Read the whole story here.
Cheer Up! 많은 사람들이 이 포스팅에 관심을 갖고 있나봐요!
Would be funny if someone were to have tons of debts but was a bitcoin millionaire xD Can't touch me
The whole world and the governments are still trying to figure out how to treat Bitcoin and other cryptos.. while early adopters enjoy the profits. :)
Interesting. This sort of suggests to me though that the Korean Government aren't trying to protect bitcoin but rather highlight that they don't see it as a form of value.
Good one. I hope the rest of the world follows that lol In fact how would they confiscate it if i did not tell them my password? Would they torture me? lol
@dragosroua,
I feel a little RED LIGHT on BTC by this court rule! They said "cannot be confiscated", I think it hides something dangerous! Let's see what will happen! Anyway, thank you very much for sharing such useful news with us!
Cheers~
amigo #resteemia at your service
wonderful information & hope for a new BTC peak soon. nice work @dragosroua
ReSteemia
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Nice Post