South Korean Court Rules Bitcoin Has Economic Value

in #cryptocurrency • 7 years ago

The Suwon District Court in South Korea has, for the first time, recognized that bitcoin has an economic value and can be confiscated, local media reported on Tuesday.

South Korean Court Rules Bitcoin Has Economic Value 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.

FULL TEXT: https://news.bitcoin.com/south-korean-court-rules-bitcoin-has-economic-value/

#economy #altcoin #business
7 years ago in #cryptocurrency by
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