Australian Judge Says Crypto Is a Legitimate Investment Vehicle

As part of a defamation case in front of the New South Wales, or NSW district court, Judge Judith Gibson allowed cryptocurrency usage as collateral.

“This is a recognized form of investment,” Gibson said of cryptocurrency, also acknowledging its volatility, according to a brief from the Australian Associated Press.

The plaintiff vies for crypto usage

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 account requires monitoring

Given concerns of instability from the defendant’s legal team, the plaintiff agreed to provide reports each month on the status of the crypto account’s value.

The courts also required the plaintiff to notify the defendant’s…