Settlement of bail using cryptocurrencies in the United States law court now seems acceptable, as a federal law court California accepted Bitcoin for bail settlement of a 25 years old charged for hacking. The acceptance of cryptocurrency in such situation appears to be the first time, but a U.S. Assistant District Attorney stated is not the first time and considered it a legal tender for bail, as the purpose of bail is to get the offender back to the law court.
United States Law court Accepts Cryptocurrency for Bail
A federal law court in California accepted cryptocurrency for bail settlement on the 16th of August as reported by a local news outlet. A 25 years old man, Martin Marsich, a Serbian and Italian national living in Udine, Italy, arrested on the of August and appeared before the court on the 16th of August, was charged with $750,000 in Bitcoin or any other cryptocurrency for bail. A federal Judge Jacqueline Corley made the order.
The bail requested for in cryptocurrency seems like a step in the right direction, considering that the government regard cryptocurrency as a tool for drug dealers, and operators of the dark web. Though this challenge has been a significant hindrance to the global adoption of cryptocurrencies, however, unfolding events of acceptance trailing cryptocurrency make it no big deal.
When the opinion of U.S. Assistant District Attorney, Abraham Simmons was sought, he stated that it is not the first time. He further noted that judge could accept any bail, including a real estate owned by another, depending on what the judge wants. The essence of bail is to get the defendant back to the law court he said.
On the subject of the value of cryptocurrency which is volatile, he said that “I would imagine that either side would alert the court of an extreme change in the value of the asset, but it doesn’t mean that the court would care one way or the other.”
Martin was charged for hacking Redwood City video game company Electronic Arts internal computer network gaining access to 25,000 accounts that allow customers to buy items for use in video games. If found guilty he will be sentenced to five years in prison and a fine of $250,000.
Global Acceptance of Cryptocurrency
As against the general notion of cryptocurrency being used by drug dealers and the dark web users, DEA statistics showed of recent that 10% of cryptocurrency transactions are drug-related while 90% are speculative investors.
So also, last week, a British Member of parliament declared cryptocurrency assets, as members of the government are informed to declare their cryptocurrency interest.
It’s only a matter of time before Bitcoin, and other cryptocurrencies get widespread adoption. But how soon this would be, no one knows.