Importers of scrap metal in China face claims that they have spent over a decade sending “counterfeit mutilated” coins to the United States Mint, earning them over $47 million in return, reports Court House News.

A federal judge ruled that they must face the two-count complaint for civil forfeiture of property.

American business attorneys in Bangkok Chaninat and Leeds are experts in Thai business law

The complaint, filed by the federal government, states that the defendants sent the Mint a large quantity of mutilated coins to be melted down and made into new currency. This is via the Mint’s Mutilated Coin Redemption Program.

However, the program operates at a loss as the value of the metal is less than the value of the new coins.

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Coin Desk has reported that the Bank of Thailand (BoT) may have changed its position on the  legal status of bitcoins in Thailand, suggesting that Bitcoin Co Limited can resume trading in Thailand.

Previously there were reports that the Bank of Thailand may have declared the use of bitcoins to be illegal in Thailand.

Despite the company’s lengthy absence from the market, David Barnes, managing director of Bitcoin Co LTD said that trading volumes have already returned to 2013 levels. “It’s about in line with, or a slight improvement from, where we left off in July,” he said.

According to Thailand business lawyers, Chaninat & Leeds , the Bank of Thailand issues laws and regulations concerning currency and financial transfers to and from Thailand. Banks normally require licenses  from the BoT documenting the transaction. According to Chaninat & Leeds  bitcoin transactions may present a practical problem for businesses in Thailand with regards to Thailand taxation and money laundering laws because there may be a lack of physical evidence such as receipts which could create difficulties when filing taxes in Thailand.

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