Thailand’s Supreme Court rejected the defense that Bitcoin has no value and upheld a 10-year prison sentence in a robbery case in which the cryptocurrency was taken by force.
According to a report by CoinDesk citing local media, the case began in September 2022, when a person on the island of Koh Samui was forced to convert approximately $50,000 into 2.48 Bitcoin (BTC) and send it to the attackers. The defendant’s appeal focused on whether the Bitcoin taken in the robbery could be considered property.
The attackers threatened the safety of the family at a café where the victim and their spouse were present, assaulted the victim, and forced them to make the transfer. The defendant whose sentence was upheld had helped arrange transportation and lodging for the group. At the time, Bitcoin was trading at around $20,000.
Converting money into Bitcoin does not eliminate its value
The defendant argued that Bitcoin had no intrinsic value. The court emphasized, however, that Bitcoin has a market price, can be converted into cash when a buyer is available, and can be held by individuals.
Therefore, converting the victim’s money into Bitcoin first did not eliminate the economic value of the asset taken. The court concluded that the transfer met the elements of a property crime. Its reasoning also cited the 2018 digital asset regulation, which defines cryptocurrency as electronic data created to be used as a medium of exchange on a network.
Not being legal tender did not help the defense
The case also considered a letter from the Bank of Thailand stating that cryptocurrencies are not legal tender. However, the court ruled that this status did not prevent Bitcoin from being recognized as property in the criminal case.
The lower court’s original 15-year prison sentence had been reduced by one-third because the defendant provided useful information during the proceedings. The Supreme Court upheld the 10-year sentence; the lower court’s ruling also provided for the return of the Bitcoin to the victim.
Not investment advice.