JAPANESE COURT: BITCOINS NOT “TANGIBLE PROPERTY”

cryptocoinsnews.com / P. H. MADORE / 06/08/2015

Following the collapse of Mt. Gox and the subsequent case of the missing 750,000 BTC, much legal legal has been undertaken, from bankruptcy filing to damage suits against what was once the world’s leading Bitcoin exchange, market maker, and price setter. For some time, a lawsuit regarding 458 BTC has been proceeding in a Tokyo court, a Kyoto claimant asking that the court rule his money be returned.

In a surprising turn of events counter to rulings in places like Kentucky, Judge Masumi Kurachi said yesterday that current law is not up to the task of dealing with bitcoin negligence, dismissing the case. According to Kurachi, the current civil code does not contain enough statutes pertaining to Bitcoin, which he will not treat as traditional currency. According to the Japan Times:

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