South Korea's Supreme Court Recognizes Bitcoin as a Real Asset

The South Korean Supreme Court has ruled that Bitcoin has real value. The opinion comes after the second trial concerning a sex offender whose 191 bitcoins valued at ~ $2.3 million (US) was confiscated by Korean authorities.

This ruling would mean that all cryptocurrency is recognized as an "asset with measurable value".

Late last year the court ruled that the confiscation of Bitcoin was not legal since the currency was derived in the form of electronic files without physical entities.
On Wednesday May 30, 2018, South Korea’s highest court confirmed an earlier appellate court order to confiscate the 191 bitcoins (~2.3 Million dollars US) from a person who was selling pornographic material online. The Supreme Court stated, "The cryptocurrency is recognized to have value so it can be confiscated."

This was the first time any cryptocurrency in South Korea had been subject to confiscation by law.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.