CoinDesk
Thailand’s Supreme Court ruled that Bitcoin counts as property in a robbery case, rejecting a defendant’s argument that it lacked the value required for that classification. The court upheld his 10-year prison sentence for helping the attackers, who forced a victim to convert $50,000 into about 2.48 BTC and transfer it to them in September 2022.
Why it matters
The court said Bitcoin has a market price, can be exchanged for cash when a buyer is available and can be held by members of the public. It concluded that converting the victim’s money into Bitcoin did not erase its value or prevent it from qualifying as property under the elements of a property offense.
Judges cited Thailand’s 2018 digital asset business decree, which defines cryptocurrency as electronic data created on a network for use as a medium of exchange. They also considered a Bank of Thailand letter stating that cryptocurrency is not legal tender. The court’s ruling makes clear that, in this criminal case, lack of legal-tender status did not rule out treatment as property.
Market impact
The decision connects Bitcoin’s market value and transferability to a concrete property-rights finding in Thailand’s criminal justice system. It does not make Bitcoin legal tender, but it gives courts a basis to recognize it as property when assessing alleged offenses.
The defendant helped arrange transport and accommodation for the group. The Supreme Court upheld a 10-year sentence; the trial court had set 15 years before reducing it by a third because the defendant provided useful evidence. The lower court also ordered the Bitcoin returned to the victim.
Frequently asked questions
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Why did Thailand’s Supreme Court classify Bitcoin as property?
The court said Bitcoin has a market price, can be exchanged for cash when a buyer is available and can be held by members of the public.
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Does the ruling make Bitcoin legal tender in Thailand?
No. The court considered the Bank of Thailand’s position that cryptocurrency is not legal tender, but found that this did not prevent Bitcoin from qualifying as property in the criminal case.
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How much Bitcoin was taken in the robbery?
The victim was forced to convert $50,000 into about 2.48 BTC and transfer it to the attackers in September 2022.
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What sentence did the Supreme Court uphold?
The Supreme Court upheld a 10-year prison sentence for a defendant who helped arrange transport and accommodation for the group.
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What happened to the Bitcoin transferred by the victim?
The lower court ordered the Bitcoin returned to the victim. The Supreme Court upheld the defendant’s 10-year sentence.
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