Bitcoin accepted by the Australian Court as a legal means of payment, as NSW District Court Judge, Judith Gibson, reportedly approved the use of cryptos worth $20,000 for securing a legal bill. This was a precedent decision that many users of social media platforms saw as very important and as a reflection of reality.
The defamation lawsuit in The New South Wales District Court ended in a judge’s decision to allow the plaintiff to cover the legal expenses in cryptocurrencies.
The defendant’s lawyers argued that cryptos are too volatile and therefore – cannot be perceived as a legal and reliable means of payment. This may be true if we take a look at how Bitcoin, for example, behaved since its inception.
It showed significant fluctuations over the years. As a reminder, in the period between 2012 and 2014, BTC increased by approximately 79.90%. Shortly afterwards, it decreased by almost 50%, just to get back on its feet again in early 2020.
Regardless of its volatile nature, Bitcoin, as the leading crypto nowadays, has proved to work. It facilitates payment transactions immensely and spreads like a fire – so to speak. Not to mention the development of blockchain – a Bitcoin’s native network which transformed entire industries and is on a way of becoming an inevitable addition to almost all business processes in the future. Some of its benefits have been introduced in Australia as well, as we wrote before.
Going back to our story, the Judge Judith Gibson, reportedly explained her ruling saying “However, this is a recognized form of investment.” She reportedly recognized the challenges that crypto currencies are facing but found that advantages prevailed.
Consequently, the plaintiff agreed to provide the monthly reports to the defendant, showing the status of the account on the cryptocurrency exchange.
Cryptos in Australia
This case comes as no surprise in a situation when Australian government strongly supports the introduction of cryptocurrencies. The data published on the website of Department of Industry, Science, Energy and Resources clearly outline the National Blockchain Roadmap.
According to the February 2020 report, “Australia is home to a number of world-first blockchain applications. Combining blockchain technology with other technologies can add economic value to a range of business sectors. Australia can contribute to an estimated global annual business value of over US$175 billion by 2025 generated by blockchain.”
The report further explains the variety of businesses applying blockchain, including agricultural supply chains in the wine sector, trusted credentials in the university sector, transferable customer checks in the finance sector, etc.
Cryptos have taken the world by storm and have already spread into many different Bitcoin accepted industries. Some parts of Australia are among the first 5 places in the world where people can use cryptocurrencies to buy goods at local stores.
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