Digital Money

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Cryptocurrencies are now being used as real money, even though there are no clear regulations in place regarding the use of bitcoins. However, a recent Supreme Court ruling has recognized the asset value of cryptocurrencies, and it will likely affect the government's policy regarding virtual currencies in the future.

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Customers at this store in Seoul can pay for their purchases in cryptocurrency instead of real money. Signs saying that the store accepts cryptocurrency can be seen here and there.

[Soundbite] (Vendor) : "(Do any of your customers use cryptocurrency?) They ask about it once in three days."

This means that virtual currency is now used like real currency. But regulations regarding the legal status of cryptocurrency are still quite ambiguous. Meanwhile, the Supreme Court has ruled for the first time that cruptocurrency also has asset value. The court said that the confiscation of bitcoins possessed by a man who had been arrested for operating a porn site was legitimate. The judges said that the bitcoins were part of the man's criminal profits, because he received them from the users of his Web site. The court of first instance ruled that bitcoins were not subject to confiscation because they were only used in digital form. However, the court of appeals said in its verdict that cryptocurrency had economic value as an asset and could be converted to legal tender at a currency exchange. The Supreme Court has finalized the verdict ordering the confiscation of bitcoins. The Supreme Court's ruling is expected to pave the way for introducing cryptocurrency as a payment medium recognized by a legal system.