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Bitcoin Grants Federal Court Bail

By: Nathan Frangoulis

Just when we’re all sitting around wondering how bitcoin will further enable itself across multiple paying methods, it goes ahead and grants the bail of 25-year-old Martin Marsich. Yes, you read that right, people can now use bitcoin to pay for their bail.  Martin was charged with hacking a video game company in San Francisco, he was then bought into court for a number of hearings. If proven guilty, he would face a total of five years in prison and a fine of $250,000.

The judge then ordered Marsich to pay a total of $750,000 in BTC in order to be released to a halfway house at the time. With the judge being very flexible on methods of payments, something like this occurring was not out of the ordinary. The judge is simply allowed to order many types of bail.

Simmons, (the judge) believes he was the very first one to enable cryptocurrency to be used as a form of bail, he thinks the legal system enables a diverse set of payment options in the form of bail.

Simmons stated: “The idea is to get him to court, not necessarily to maintain the value of any particular asset, I would imagine that either side would alert the court of an extreme change in the value of the asset, but it doesn’t mean that the court would care one way or the other.”

 

Cited references: Ambcryptocom. (2018). AMBCrypto. Retrieved 21 August, 2018, from https://ambcrypto.com/bitcoin-btc-now-accepted-for-bail-at-federal-court/

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Fintech Review is a magazine focusing on the intersection of finance and technology in the modern age. We provide you with details and reviews of the latests fintech news, while analysing market trends and ventures so you don't have to. You will also find interviews wit hkey industry leaders and opinion pieces from those experienced in the game.

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