Topic: [2017-09-11] South Korean Court Declares Bitcoin Confiscation Illegal (Read 3124 times)

It is a reasonable and reasonable decision of the court. I believe that the decision was made correctly and there is no point in confiscating it.

Funny how there are wankers are on both sides of this story


I dunno, if the illegality was simply unlicensed business, I totally don't care. If it was actual immoral content (i.e. porn were unwilling or deceived participants are sexually abused) then that's something else. I still don't think the law is a good way to handle sexual abuse, but it should certainly be handled (if sexual abusers are forced into their own separate economy by the widespread evidence of their misdeeds, it would be a far more effective punishment than fines or prison ever could be. Having to buy your life's goods from moral miscreants would be a serious piece of shit life to lead, whereas prison and fines tend to be a bit of a walk in the park).

This is really ridiculous. The guy was arrested just for running a porn website? Why can't these South Korean wankers get a life? Seems like they are copying the policies from their northern neighbor.

Doesn't sound likely, but then again it's really strange when major cryptocurrencies are fairly liquid and they're very easy to move.

If the South Korean government doesn't intend to confiscate BTC, it doesn't matter because the US government or another state can just do it for them.  But it does show that their attitude to crypto is quite immature (the "it doesn't exist" kind of mentality).

It could also suggest that regulations they will impose on crypto in the future will be just as poorly thought out.

Hmmm, is this an allusion to the South Korean state taking control of cryptocurrency exchanges and/or fixing the price of cryptocurrencies? Another example of how modern "capitalism" is a total joke (let's face it, Central Banks, FX and commodities markets between them essentially fix the price of everything with the powers they have over the world economy)

If bitcoin being used as a medium of exchange for illegal activities, they should seized it and auction it later.
But, if bitcoin has nothing to do with the illegal activities, it's fair to not confiscate it.
It's funny how the judiciary in Korea have their own reasons about it, luck for the suspected.

To me such position towards crypto-currency always was logical. I have heard many stories here on the forum about arresting people cause of their manipulations with bitcoins. I don't know for what target this money were used, but I clearly know that there is no law spreading on bitcoin in this area. So, bravo South Korea!

After Police seized 216 Bitcoins from an individual that was suspected to be involved in illegal activities with the digital currency, it was ruled by a South Korean court that the seizure was illegitimate.

The Suwon district court set a groundbreaking precedent in legitimizing the seizer, by ruling that Bitcoin and associated digital currencies are not subject to confiscation.


Sending a message to regulators


While South Korea is one of the more progressive nations towards Bitcoin and its legalization, as well as its regulation, this move by the courts could send shockwaves through regulatory bodies in the country as well as across the globe.

There are contrasting attitudes towards the digital currency, as China’s recent foray into its regulation has seen the socialist country take a hardline stance towards this innovative technology.

However, with the judiciary in Korea setting a precedent indicating its belief that Bitcoin should not be a confiscatable commodity, it could set a trend for many other nations to follow.


‘Cannot assume an objective standard value’


According to local reports from Kyunghyang Shinmun, it seems as if Bitcoin's volatility may well be its saving grace in this matter, as the confiscation was deemed illegitimate because:

[it is]“not appropriate to confiscate Bitcoins as they cannot assume an objective standard value.”

Furthermore, the indication is that Bitcoin, as a digital currency, has no physical representation, and thus there is essentially nothing to be confiscated, according to the courts.

This also seems to suggest that the courts see Bitcoin as having a value, but it is an ever changing one, which could well mean they would be looking to instate certain rules surrounding digital currencies on their own.


Pornography Bitcoins


The case in which those judgement arose from involved an individual who was charged with running an illegal pornography website. The site had many members, but the operator never reported the membership fees which, may or may not, have been directly collected as Bitcoin - or perhaps transferred into digital currency at a later date.


https://cointelegraph.com/news/south-korean-court-declares-bitcoin-confiscation-illegal