Recently, Estonian courts ruled in the Bitcoin case of Otto de Voogd. The recent environment in Estonia surrounding digital currency has been negative and the ruling did not come as a complete surprise. Nonetheless, there are serious implications for the cryptocurrency community locally and abroad.
Late last year here at CCN, we reported on Otto de Voogd’s case. The case was centered around De Voogd’s Bitcoin trading site BTC.EE which he ran in Estonia. The site was shut down by officials due to De Voogd’s refusal to relinquish sensitive information about his Bitcoin-related clients. The charges leveled against De Voogd carried a €32,000 fine and potential jail time.
Many observers and analysts in the cryptocurrency community had hope that a favorable ruling by the Estonian Supreme Court would not only establish a precedent for dealing with cryptos in Estonia but also serve as an important link for the entirety of the European Union in building a consensus around how to handle cryptocurrencies.
As evidenced in a recent Reddit post, De Voogd’s ruling