realcrypto
Member
 Offline
Activity: 476
Merit: 12
|
 |
December 03, 2018, 12:22:23 PM |
|
If monetary law enforcement agency know about your digital asset it means the owner of wallet or the exchange that you are using is working hand in hand with Government. I think this is possible because of the rate at which most exchange are asking for KYC.
|
|
|
|
|
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
FunGate
Jr. Member
Offline
Activity: 105
Merit: 4
|
|
December 03, 2018, 01:34:47 PM |
|
This depends both on the virtual wallet and the court. Not all courts and countries' governments follow their own laws and a certain types of crypto storage are more protected and fool-proof than others.
From my understanding, the Virie market is one of those 'free market' "solutions." Might be something to look into.
|
|
|
|
|
|
nur rochid
|
|
December 03, 2018, 03:52:24 PM |
|
If monetary law enforcement agency know about your digital asset it means the owner of wallet or the exchange that you are using is working hand in hand with Government. I think this is possible because of the rate at which most exchange are asking for KYC.
but to confiscate it, the court must have a law that is legal. therefore it will be difficult from the court if it is in the government that does not have a legal rule on this matter |
|
|
|
|
gentlemand
Legendary
Offline
Activity: 2590
Merit: 3008
Welt Am Draht
|
|
December 03, 2018, 03:56:21 PM |
|
but to confiscate it, the court must have a law that is legal. therefore it will be difficult from the court if it is in the government that does not have a legal rule on this matter
It's worth money so the government will take it. There is no specific regulation over a painting or your collectible Hulk Hogan lunchbox. They still have value and someone else will give them money for it so off it goes. |
|
|
|
|
|
cotton ball
|
|
December 03, 2018, 05:37:16 PM |
|
If monetary law enforcement agency know about your digital asset it means the owner of wallet or the exchange that you are using is working hand in hand with Government. I think this is possible because of the rate at which most exchange are asking for KYC.
but to confiscate it, the court must have a law that is legal. therefore it will be difficult from the court if it is in the government that does not have a legal rule on this matter in some cases, the evidence instrument does not have to have legal validity, the flow of transactions traced can come from various sources and the most important is the identical algorithm equation. all forms of fraud have unusual ways and in handling them also require "unusual" clauses. |
|
|
|
|
|
Oilacris
|
|
December 03, 2018, 05:49:39 PM |
|
So does that mean that the law will not touch your virtual wallet in case of debt, for example?
This is the beauty on using up cryptocurrencies which once you do able to store up your coins or belongings no one can able to access it or bruteforce. Even if the government or law do have the power to confiscate or rights to deduct but they cant do anything as long the users is unknown or doesn't permit any access on the wallet. |
|
|
|
Ozero
Full Member
Offline
Activity: 2044
Merit: 180
Chainjoes.com
|
|
December 03, 2018, 06:38:53 PM |
|
I think that it is quite possible to confiscate a cryptocurrency by court decision, which is stored in virtual e-wallets. I even read somewhere about several such examples of court decisions. Of course, for this, the court should be aware of the necessary information about such a wallet and, above all, access to the secret key of this wallet or purses. The decision itself without its execution also does not mean anything, since everyone who holds a secret key to the key will still have access to it even after the decision to impose an arrest or confiscation. In order to enforce this court decision, it will be necessary to transfer the cryptocurrency that has been seized or confiscated to another wallet controlled by the investigative or judicial authorities.
|
|
|
|
|
badungs
|
|
December 03, 2018, 07:19:30 PM |
|
in my opinion it can happen. if we have violated the rule of law in the country we have occupied, then all evidence can be confiscated by state security forces, including digital wallets. security forces can confiscate all of our digital assets and wallets because we have misused crypto and used crypto to harm many people.
|
|
|
|
|
iv4n
Legendary
Offline
Activity: 3122
Merit: 1170
|
|
December 03, 2018, 08:17:37 PM |
|
Governments can confiscate what ever they lay their hands on. If there isn't a law about it be sure that they will make one ASAP. When it's come to bitcoin and governments there is a way to cheat them, simply buy a hardware wallet, before sending bitcoins use mixer, disconnect the wallet and you are safe, of course don't spread words about it and you will be just fine.
I think everyone should have that kind of backup with some coins there, you never know when will government knock on your door with papers about paying tax and giving them your coins.
|
|
|
|
Rena5
Member
Offline
Activity: 145
Merit: 10
|
|
December 03, 2018, 11:53:40 PM
Last edit: December 04, 2018, 12:08:12 AM by Rena5 |
|
It depends from where nation we belong,certain laws are applied according to the crimes or disobedience done.Upon all the different views here in the forum it depends always on rules and regulations of the government we belong.
Virtual wallets can be confiscated by courts, its possible once they know some illegal activities or dealings online.There are experts on this kind of problems
nowadays with the latest technology online.Protect virtual wallets as much as we can.
Just to be fair and free from any problem regarding your virtual wallets or bitcoins on hand.Have a clean living always.
|
|
|
|
|
Pumapipa
|
|
December 05, 2018, 02:04:02 AM |
|
In my opnion, virtual wallets like this that we are using are to be considered admissible to any court and can be confiscated shall it be warranted by the presiding judge. Virtual wallets may or may not contain assets that can be liquidated and can be presented in any court. This can be an example of evidences that can be used against a person for example in grounds of money laundering.
|
|
|
|
|
|
iMark
|
|
December 05, 2018, 02:14:20 AM |
|
If monetary law enforcement agency know about your digital asset it means the owner of wallet or the exchange that you are using is working hand in hand with Government. I think this is possible because of the rate at which most exchange are asking for KYC.
Yeah it could happen, the government could have seized all your assets if you saved on one of the third party exchanges that had control of your assets. but this will not apply if you save it in a decentralized wallet |
|
|
|
|
cc80aa
Newbie
Offline
Activity: 182
Merit: 0
|
|
December 05, 2018, 06:53:27 AM |
|
there are many different kind of digital wallet some of the wallet have your kyc profile if the government investigate about your wallet. yes they can trace if the company have giving a details to the government side.
|
|
|
|
|
MainIbem
Sr. Member
 Online
Activity: 1330
Merit: 379
#SWGT PRE-SALE IS LIVE
|
|
December 05, 2018, 11:18:24 AM |
|
You noticed that many exchanges are conforming to KYC. The KYC is linked to your virtual wallet. So if you have a court judgment confiscating your assets and you think it will not affect your 'virtual' then you have to think again. Cryptocurrencies are not here to conceal peoples assets.
|
|
|
|
|
darklus123
|
|
December 05, 2018, 12:05:54 PM |
|
Digital wallets were highly moderated by the government(except for crypto traders). So any form of fraud can be a subject of investigation and yes they can confiscate the amount. I've seen a lot of HYIP that shutdowns because they have violated paypal rules and paypals were ordered to surrender the amount to the government during the investigation
When it comes to crypto , it depends because it happens already that the us government mandated coinbase to give the personal data for a possible tax evasion cases but they refuse to
|
|
|
|
|
sinkfish
Jr. Member
Offline
Activity: 252
Merit: 1
|
|
December 05, 2018, 12:57:23 PM |
|
if unknown then it wont.
|
|
|
|
|
|
mummybtc
|
|
December 05, 2018, 01:09:59 PM |
|
Yes, it can, there are mny BTC wallet that was confiscated from SIlk road owner, provider you give them access to the private keys, this is why of possible one need to memorise the private keys but the down side to this is if something happen and ones family will not be able to gain access to this wealth
|
|
|
|
|
|
anjho.ace
|
|
December 05, 2018, 02:01:56 PM |
|
How will they know who owns the wallet?
How will the court confiscate the wallet to whom?
Virtual wallet is protected by private keys and everyone can create wallet anonymously.
|
|
|
|
|
rickyNmorty
Member
Offline
Activity: 451
Merit: 15
Investor
|
|
December 05, 2018, 02:13:55 PM |
|
This is what happened with Ross Ulbricht, right? The FBI seized more than 200K coins from his wallet and later they auctioned all those coins. So my guess is that it is possible for the courts to confiscate the coins.
Possible it is but then it should go with the right jurisdiction. In which everything must be on the law and the law will be fair. And also we are talking about a property in which they are about to get to.you, therefore it is indeed important to have rules regarding to this. But as of today I am not sure if there is a country who have such law. |
|
|
|
|
|
jcpone
|
|
December 05, 2018, 08:36:16 PM |
|
Maybe for now it is not possinle to confiscate any virtual wallet by any court or institution. This is the main reason why a lot criminals and syndicates are using bitcoin to hide their illegal activities. However, as soon as the world accept and recognize cryptocurrency, for sure regulations will be done.
|
|
|
|
|
|
