Thailand's Supreme Court Rules Bitcoin Is "Property" Under Criminal Law

According to TechFlow, on October 28, Thai media outlet Thaiger reported that Thailand's Supreme Court Full Bench ruled in Judgment No. 4929/2569 that Bitcoin existing in electronic systems constitutes "property" under criminal law. In the case, the victim exchanged USD 50,000 (approximately 1.878 million Thai baht) for Bitcoin and transferred it to a fraud group.

The court held that Bitcoin has market value, can be exchanged for cash, and can be held by ordinary individuals; the value lost by the victim did not disappear due to a change in form, so the elements of a property crime were met. The judgment also cited a letter from the Bank of Thailand, noting that although cryptocurrencies are not legal tender for settling debts, they have market trading value. The court said the key issue is whether Bitcoin has a price and can be possessed, which is separate from whether it is a legal means of payment.

Source: TechFlow