Korea’s Supreme Court claims Crypto has Economic Value

South Korean Supreme court`s decision about the cryptocurrency value might be the backdoor to unraveling the regulatory boondoggle over custody
01 June 2018   1443

The case regards a pornographer captured on charges of breaking the Protection of Children and Juveniles From Sexual Abuse Law in May 2017. The accusations that  go back as far as 2013 declare that the man identified only as Ahn had apportioned 235,000 indecent pictures online and made 1.9 billion profits from users of the site. During his arrest, 216 Bitcoin kept in a digital wallet was seized that the prosecution described as assets that were made illegally.

First, a lower court decided against the seizure affirming that “bitcoins only existed electronically and had no physical form.” Then the case was appealed by the prosecutor  in a higher court which “ruled in the prosecution’s favor, saying the cyber assets could be seen as profit earned from the trade in goods.”

The Supreme Court maintained this order and also added that the decision “will allow any cyber assets gained from illegal activity such as gambling, drug deals, pornography and prostitution to be confiscated.” The Supreme courts answer might be obvious in some ways, though it can also be the start for solving regulatory questions government services all over the world have been struggling with.

Cryptocurrency is “an asset with economic value”, there is no arguing with that.  Also the motivation for the ruling is obvious. Currently that the precedent has been stated it has to be no surprise that cybercriminals are sought out more actively.

Bitifinex to Cooperate With Bitrefill

Exchange's users will be able to purchase products from the Bitrefill catalog with help of Lightning Network
05 December 2019   91

The Bitfinex cryptocurrency exchange has entered into a partnership with the service of replenishing mobile accounts and gift certificates Bitrefill.

Using Lightning Network (LN) technology, Bitfinex users will be able to purchase products from the Bitrefill catalog, which includes more than 2,000 digital gift cards and options for replenishing mobile accounts.

As soon as the user pays for the goods using Bitcoin, Bitfinex and Bitrefill automatically settle through the LN network, which makes transactions cheaper and much faster.

Bitcoin’s use as a means of payment represents an important milestone in the inevitable journey towards mass adoption. This is why the Lightning Network is so important. As an exchange, Bitfinex is at the forefront of developing solutions utilizing this technology.

Paolo Ardoino

CTO, Bitfinex

On December 3, Bitfinex integrated payment support through the Lightning Network.