Thai Supreme Court rules bitcoin is property after thief challenges conviction - CoinDesk
Thailand's Supreme Court has ruled that bitcoin qualifies as property in a robbery case, rejecting a defendant's claim that the cryptocurrency had no inherent value.
The landmark decision came after a defendant challenged his conviction in a 2022 robbery case where a victim on Koh Samui was forced to convert $50,000 into approximately 2.48 BTC and transfer it to five foreign men who had threatened and assaulted him. At the time of the incident, bitcoin was valued around $20,000.
Legal Precedent
The court's plenary bench concluded that bitcoin meets the criteria of property because it has a market price, can be cashed out when buyers are available, and can be held by the public. The 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.
The value of the money transferred as property therefore fulfills the elements of an offense against property.
Case Details
According to local reports, the attackers confronted the victim and his wife at a coffee shop, threatened the family's safety, and assaulted the man before forcing the cryptocurrency transfer. The defendant had helped arrange transport and accommodation for the group. The Supreme Court upheld a 10-year prison sentence, though the trial court had initially imposed 15 years before reducing it by a third due to useful evidence provided by the defendant.
The court also considered a Bank of Thailand letter stating that cryptocurrency is not legal tender, but determined this status did not prevent bitcoin from qualifying as property in the criminal case. The lower court ordered the bitcoin returned to the victim.
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