A Federal Court in America has accepted bail money via Bitcoin for the first time.
by Manoj Sharma for CNR
If you find yourself in a position where a) you’re in California, b) you’ve broken the law, c) you need to pay bail and d) you only have Bitcoin at hand, then a) yikes, and b) you’re sort of in luck. For the Federal Court of California is now accepting Bitcoin.
Martin Marsich was facing charges of hacking into a gaming company, for which he was liable to pay $750,000 as bail amount. And for the first time in its history, the California court ordered him to settle his bail amount using Bitcoin or other cryptos.
The Assistant District Attorney, Abraham Simmons, explained the incident, saying that defendants can technically settle their bail payments in whatever way ordered by the judge or in any credible format, including a third party’s real estate. Abraham argued that using volatile currencies like cryptos to pay the bail amount is not likely to face any issue since the main aim of the court is to ensure the defendant complies with court orders.
He added that court doesn’t really care about fluctuating prices and exchange rates of currencies. Its objective is to make sure that the defendant, Martin, is compelled to appear in court for proceedings at a later date.
This particular move by the California court is sure to surprise many people, although wasn’t entirely unexpected. But law enforcement agencies still see cryptocurrencies suspiciously due to their anonymous nature, and that they can be linked to illegal activities. Whereas opinions within the US DEA indicate that as lawmakers understand blockchain and crypto better, the public acceptance of digital currencies improves.
For Martin Marsich? It’s hard to tell whether he should be happy or not…