Japanese Court Rules: Bitcoin Can’t Be Owned

Japanese Court Rules: Bitcoin Can’t Be Owned

The Japanese Court of Tokyo’s district ruled that it is not possible to own Bitcoins and no individual can sue to ask for compensation as response to Mt. Gox’s collapse.

Several days ago the head of MtGox (the largest Bitcoin Exchange service until its collapse) Mark Karpeles was arrested for fraud.

This case was brought to court by a person who wishes to remain anonymous and who had lost 458 BTC held in their MtGox account, the equivalent of about $130,000 in present Bitcoin value.

That person was trying to get some of those money back but Judge Masumi Kurachi ruled that Bitcoins can’t constitute a property to be owned by not possessing the necessary “tangible qualities” required under the Japanese law.

This rule may be debatable because in the end Bitcoins were purchased with real money transferred into Japanese Banks.

Tags: bitcoinbitcoinsJapanese

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Bitcoin Concept Editorial Staff

Comments

  1. George says:

    this is interesting, is like giving a license to steal money, Bitcoins were purchased with money transfered between bank accounts, just like stocks, bonds…

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