Thailand's Supreme Court Rules Bitcoin as Property in Legal Terms

On October 28, Thailand's Supreme Court ruled in a criminal case that Bitcoin has economic value that can be held, traded, and exchanged for cash, thus considering it as "property" in legal terms. In the case, the victim exchanged $50,000 for Bitcoin and transferred it to a criminal gang. The dispute centered on whether Bitcoin could be considered as "property being infringed" in criminal offenses. The court's ruling stated that Bitcoin has market value, can be bought and sold, and can be exchanged for cash when there are buyers. The public can hold and control Bitcoin, therefore the Bitcoin transferred by the victim is not "intangible and worthless data," but rather property that can constitute an object of property crime. It is important to note that while the Thai court confirmed that Bitcoin can be protected as property under the law, it did not recognize it as having legal tender status in Thai Baht.

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