Divorce in the era of cryptocurrency: Bitcoin and non-disclosure – Family Law

Posted January 11th, 2018 in disclosure, divorce, fees, internet, news by tracey

‘Bitcoin is a form of digital currency developed in 2009. It is created and held electronically in a decentralized system meaning that no one and no government controls it. Bitcoins aren’t printed but are ‘mined’ by both people and businesses using software that solves complex mathematical problems. Prone to volatility, Bitcoin hit the news last month after it reached an all-time high then dropped in value by almost 20% in a time period of only 90 minutes. Despite its erratic nature, the interest and investment in Bitcoin is rapidly growing and with more people holding Bitcoin, it is likely to be a far more common asset in divorce proceedings. Further, the extra privacy given to Bitcoin holders, as opposed to those who hold money in a bank, has led to many discussions on whether it will be the case that non-disclosers in divorce proceedings will increasingly try to hide assets through Bitcoin.’

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Family Law, 11th January 2018

Source: www.familylaw.co.uk