The legal status of cryptocurrencies can differ based on one’s region. In Australia, it would appear that Bitcoin is a legal investment vehicle.
Those are the findings of Judge Judith Gibson of New South Wales.
Using Crypto to pay Legal Fees
A bit of an odd statement, as no one would expect anything different.
However, one individual getting caught up in a defamation case gets a lucky break.
Due to this ruling, the accusing party of this lawsuit can use their cryptocurrency exchange account to pay for legal fees.
A remarkable decision, to say the very least.
Volatile assets such as Bitcoin and altcoins often fall in a legal gray area of sorts.
Using it for legal purposes – especially paying fees – is not something most people would expect to be able to do.
That said, it now seems that there is a precedent in Australia for doing so.
Using Bitcoin as collateral has a lot of merit, although it may not necessarily become a common trend all of a sudden.
Finding real-world use cases for crypto remains an ongoing struggle around the world.
Despite being around for over 10 years, most companies and service providers want nothing to do with cryptocurrencies.
Changing that narrative will never come easy, albeit progress is being made.