BITCOINOX

New Status of Bitcoin in Britain

As we know the question of a bitcoin`s status is very relevant and topical. There are different reasons of it: from taxes to management. The same way it happened in Britain and the government had so pure and loyal relations. That`s why it`s not unexpected that they have recognized digital currencies as property.

Bitcoin gets its status

The British High Court led the case about abduction of 1 million dollars and recognized this decision about cryptocurrencies. The problem was about classification of a bitcoin and the Court decided to make it property.

It`s an important moment in the modern history because this precedent may be used in the future as a base for next cryptocurrency deeds. Meanwhile, there are some countries where holders of digital currencies cannot expect any full protection from the government because a bitcoin isn`t true property there.

What was the last point?

Surely, there were some prerequisites for changing the law of crypto. The last general point was a case of Liam Robertson, CEO of Alphabit. His fund manages 195 million dollars. Crypto thieves stole about 1 million dollars and Mr. Robertson`s lowers insisted that cryptocurrencies should be recognized as property. If cryptocurrencies have a data status, there`s no opportunity to show a fact of initial ownership of the assets.

What will be next?

The decision of the British High Court can change a base of crypto management of Britain. First of all, this question will be discussed by a group of lowers. After that it will find its place in a cryptocurrency legal system. Due to a property status, bitcoin begins more protected from the government assets support. All crypto holders in Britain would be happy in this case and it would be a pleasant step to crypto development.

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