Bitcoin can’t be ‘owned’ according to Tokyo’s district court

Regulation | August 7, 2015 By:

Tokyo’s district court has ruled that it’s not possible for people to own bitcoin, and therefore they can’t sue for compensation in the wake of Mt. Gox’s collapse.

The case involved an anonymous individual who had 458 BTC in their account, roughly equivalent to just under $130,000 today. The person was seeking to claw some of that cash back.

Judge Masumi Kurachi stated that, due to their intangible nature and reliance on third parties, bitcoin cannot be covered under existing law.

The ruling comes a few days after the head of Mt. Gox bitcoin exchange was arrested on charges of fraud concerning its collapse.