Bitcoin Is No One’s Property Says the Judge to Mt Gox Victim(s)

We don’t know whether the Japanese consider the money in their bank accounts as their property or not, but the Japanese court doesn’t really think so. According to a recent ruling by Tokyo’s district court, victims of the Mt Gox fraud can’t claim for compensation under the Japanese law as bitcoin doesn’t count as property.

The ruling was passed by Judge Masumi Kurachi has caught everyone by surprise. Judge Masumi Kurachi was hearing a case filed by an anonymous individual. The individual allegedly had about 458 bitcoins in the Mt Gox account and the person(s) is claiming for compensation. The Judge’s reasoning and selective interpretation of the law contradicts the views of many countries in the world regarding bitcoin. As bitcoin continues to play a significant role in the world’s economy, many countries now consider bitcoin to be on par with other currencies.

The Judge allegedly refused to treat bitcoin as a traditional currency and dismissed the case. According to reports from the Japanese news media, the Judge was quoted saying that the Civil Code envisages proprietorship for tangible entities that occupy space and allows for exclusive control over them. He said that it is evident that bitcoin

Read more ... source: LiveBitcoinNews