South African High Court upholds seizure of 1,680 BTC, treating bitcoin as capital

A South African High Court held that bitcoin may be treated in law as "capital" and a "negotiable instrument," backing the South African Reserve Bank's 2022 seizure of trader Square Mangundhla's 1,680 BTC. The decision was delivered on June 1 and said bitcoin's value, speculative use, and acceptance by some merchants support classifying it as a financial asset. The ruling also contrasts with a late-May joint SARB and FSCA statement that cryptocurrencies are not legal tender.