Thailand's Supreme Court officially recognizes Bitcoin as legal property

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https://cryptoast.fr/thailande-cour-supreme-bitcoin-bien-legal-braquage-koh-samui/

In Thailand, extorting bitcoins constitutes theft in the eyes of the courts. The kingdom's Supreme Court has upheld the conviction of a man involved in a heist on the island of Koh Samui, rejecting his argument that cryptocurrency could not be considered property.

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The facts date back to September 15, 2022. A man and his Russian wife are approached by five strangers in a cafe on the island. The attackers talk about the family's travels and threaten the safety of their young child, before hitting the victim in the face.

🇹🇭 Thailand's supreme court rules Bitcoin as legal property.

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Under duress, she converted $50,000, or approximately 1.878 million Thai baht, into 2.480801 BTC, then transferred them to a wallet controlled by one of the attackers. At the current price of Bitcoin, around $80,445, the loot would represent nearly $200,000.

The man on trial had notably helped the group organize their travel and accommodation on the island, as well as their escape by ferry. Sentenced to 15 years in prison at first instance, he benefited from a reduction of his sentence by a third for his cooperation with justice, reducing his sentence to 10 years.

Before the Supreme Court, the accused argued that Bitcoin, simple electronic data without intrinsic value, could not constitute property capable of being stolen.

In its judgment no. 4929/2569, delivered in plenary session, the Court rejects this argument. The judges point out that Bitcoin has a market value, can be exchanged for money and held by an individual.

They rely in particular on the Thai Civil and Commercial Code and a 2018 decree governing digital assets. The Court thus confirms the conviction, according to a summary of the judgment published this Wednesday, without specifying the exact date of the judgment.

This decision does not make Bitcoin an official currency in Thailand. The Bank of Thailand reminds that cryptocurrencies are not legal tender and that their value fluctuates depending on market conditions.

For judges, this distinction changes nothing: an asset can be legally protected without being recognized as currency. The accused will therefore have to return the bitcoins or compensate the victim to the amount of 1.878 million baht.

Machine-translated from French