Korea’s court has overturned the law to seize 191 Bitcoin earned through the provision of child pornography, ending a battle over the legal status of cryptocurrency.
Appealing a September 2017 ruling that deemed such confiscation to be illegal, the Supreme Court will see $2.3 million worth of BTC confiscated from a 33-year old surnamed Ahn, proprietor of a child pornography website.
Convicted in September 2017, Ahn and his Bitcoin cache have been the cause for months of debate and controversy. Exempting Bitcoin from such action, a lower court dismissed the confiscation on the basis BTC had no physical form.
The Supreme Court, however, sees things differently:
“Korean law stipulates that a sizable hidden asset ranges from cash, deposits, stocks, and other forms of tangible and intangible objects holding standard value.”
The move marks the first expropriation of cryptocurrency in the East Asian nation — further highlighting their recognition of the asset’s “measurable value.” The Supreme Court stated: “Bitcoin is intangible and comes in the form of digitized files, but it is traded on an exchange and can be used to buy goods. Therefore, receiving bitcoins is an act of taking profits.”
The ruling may be seen as a triumphant win for Bitcoin enthusiasts — who have witnessed a legal declaration of the coin’s economic value.Trade now