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   1224

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.

Casa to Launch Lightning Node Mobile App Called Sats

Casa to Launch Sats App With Lightning Network Support
04 July 2019   933

Casa startup, specializing in the creation of secure storage systems for private keys, introduced a mobile bitcoin application Sats App, which makes it easy to manage Lightning-node.

Sats App is positioned as a non-custodial bitcoin wallet "with unique functions." According to Casa CEO Jeremy Welch, the SatsBack reward program will soon be launched, under which users will receive small amounts in BTC. For example, for connecting an application and a Casa Node device to each other, the user will receive 20,000 Satoshi.

Features are focused on increasing adoption of bitcoin and lightning nodes. You will be able to earn bitcoin if you don’t have a Casa node, but you will be able to earn bitcoin faster if you have a node.

Jeremy Welch 

CEO, Casa

He also added that the application, available for iOS and Android, is “secure, private and connects via Tor”.

According to CoinDesk, the startup earlier raised $ 3.5 million from Castle Island Ventures, Boost VC and Compound, and several other investors. Currently, a startup staff of 25 people serves users from 60 countries.