Can virtual wallets be confiscated by courts? - page 4.

Semaj123

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Quote from: Ranly123 on November 27, 2018, 07:10:59 AM

Quote from: SnowAugustine on November 26, 2018, 03:43:49 PM

I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?

I am an expert on this kind of issue but if I base on what I have understood, our virtual wallets does not directly connected to our personal datas. So in my own opinion, it is really hard or impossible for the authority to confiscate what is never yours.

Well, it is clearly been stated what the OP has been found out and this is why government still investigating with this kind of issue. As we currently experiencing this what they called "KYC" procedure which I think a tracking options that probably been one of the factor that the government has been made of.

posi

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Quote from: SnowAugustine on November 26, 2018, 03:43:49 PM

I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?

Well, is all depend on the country where you reside because there are countries that monitor any crypto related transactions both on the dark web and on exchanges but if you make use to decentralized exchanges site there is possibilities for the law enforcement not to seize or know if you hold any kind of virtual currency if you keep your wallet very well. Mind you, it is better to be clean and not get problem with the law.

Ranly123

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Quote from: SnowAugustine on November 26, 2018, 03:43:49 PM

I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?

I am an expert on this kind of issue but if I base on what I have understood, our virtual wallets does not directly connected to our personal datas. So in my own opinion, it is really hard or impossible for the authority to confiscate what is never yours.

Douglasyukanov

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Quote from: SnowAugustine on November 26, 2018, 03:43:49 PM

I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?

the law knows for real status and assets that can be Sita in the form of physical assets and funds that have a legacy to be accounted for.
for the blockchain I don't think it will be touched legally but it can be used as proof of relaxation Funds for money laundering are carried out by alleged guilty of legal cases.

mensahkkofie

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Quote from: SnowAugustine on November 26, 2018, 03:43:49 PM

I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?

It would be very difficult to see that happening in any part of the world as this is almost impossible unless bitcoin or virtual currencies are legally accepted in that part of the world. The courts usually operates with legality and it is always difficult to see anything outside the legal boundaries being implemented.

KrishaBitcoin

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If Bitcoin is legal in a certain country then yes it can be confiscated by the court specially if it was involved in illegal activities like money laundering. If you are the wallet owner then the court will command you to give the private keys specially if the transactions are involving huge amounts. So lets just use Bitcoin in to good use but not in illegal transactions.

Fies7aa

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Quote from: SnowAugustine on November 26, 2018, 03:43:49 PM

I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?

Remember is different per country, but if they know anything about a virtual wallet and the government wants to seize the currency they can try to hack into your account, or go to the company where the wallet is stored and ask for corporation. If how ever they don't find any clues that you own a virtual wallet, then there should be no problem other than going to jail because you cannot pay ur debt.

Why this question? Do you run a pharmacy lol

SnowAugustine

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I am just curious and have been googling on whether the law has rules about virtual wallets. Maybe I am just not really familiar with the technical terms so I do not understand well. Or I just didn't use the correct search terms.
To give an example, if you have debts or have to pay for alimony or something of the like, are virtual wallets included in your assets to be seized or something?
According to the summary of this article: https://www.acamstoday.org/real-considerations-for-law-enforcement-in-seizing-virtual-currency/
"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."
So does that mean that the law will not touch your virtual wallet in case of debt, for example?

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