The Bitcoin situation in Tokyo could very well shape the future of virtual currencies in Japan. Two weeks ago, the Tokyo District Court judged that Bitcoin are not subject to ownership. With the Mt. Gox investigation looming overhead, plenty of affected users were hoping to see a different outcome so they could recoup some of their losses. However, there are some vital points to be made regarding this judgement.
Hold Your Horses! The Judgement Probably Won’t Affect You
As soon as news broke about the Tokyo District Court deeming Bitcoins are not subject to ownership; panic started to ensue. But things are not as bleak as they may appear, as the ruling only involves the involved parties and not affected customers. Additionally, this part of the ruling can still be appealed if needed and it should not be seen as an established view under Japanese law just yet.
Furthermore, this ruling is a mere analysis under Japanese law and holds no merit for any other country in the world. It is also important to note this ruling will not change the treatment of Mt. Gox creditors by any means. More importantly, lack of