In the NSW District Court of Australia, Judge Judith Gibson recognized cryptocurrency as a form of investment or can be used as security for legal costs, reported on 29 February 2020.
“However, this is a recognised form of investment,”– Judge Judith Gibson
According to the report, During the hearing a defamation claim in the NSW District Court, it was requested to force a plaintiff to put 20,000 Australian dollars into a bank account controlled by the court. Hence, some of the defendant’s legal costs would be paid by this amount, should the plaintiff lose or withdraw the case.
The court also permitted the plaintiff to use their crypto exchange account rather than using a bank account if they want.
Judge Judith Gibson ordered to monitor the monthly statements for the investment account by concerning the volatility issue of cryptocurrencies.
Due to the high volatility problem of cryptocurrencies, the Judge also ordered the plaintiff to report the solicitor immediately whenever the net value in the account gets dropped below 20,000 Australian dollars.
Judge Judith Gibson also said, “I can see the desirability of the defendant receiving prompt notification of any drop in the value of the account,”.
Recently, World’s largest human resources firm Randstad is started working on the smart contract-based blockchain platform
This month, The New Jersey state of America introduced a state-level licensing scheme to regulate Cryptocurrency firms,