NSW judge allows crypto usage as collateral

As part of a defamation case in front of the New South Wales district court, Judge Judith Gibson allowed cryptocurrency usage as collateral and said it was a “recognized form of investment”.

As part of the defamation case, the NSW court stated the accusing party must place $20,000 AUD, or approximately $13,000 USD, in a bank account guarded by the courts. Should the accusing party lose or secede, the funds would pay for a portion of the defendant’s legal fees.

Instead of a bank account, the court allowed the plaintiff to use their cryptocurrency exchange account.

The courts also required the plaintiff to notify the defendant’s solicitor if the crypto account’s value falls south of $20,000 AUD.

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CULT is a collective for NFT lovers. We are passionate NFT hoarders, we love minting our own collections and we are always on the lookout for collaborations. Most of our work can be found on StakeCube Marketplace

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