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Peter Foster granted bail in Bitcoin case

Serial conman Peter Foster who's accused of defrauding a Hong Kong man of Bitcoin worth more than $1.7m has been granted bail by a Sydney magistrate.

The 58-year-old will have to wear an electronic monitoring device, live at a Dover Heights address, not access the internet and not use or possess a mobile phone.

He was arrested in August 2020 while walking his dogs on a Port Douglas beach in far north Queensland.

Foster was then extradited to Sydney over allegations he posed as a man called Bill Dawson and directed his alleged victim to send him 120 Bitcoin in 2019 and 2020.

In Central Local Court on Friday, magistrate Margaret Quinn granted him bail with a string of conditions including daily police reporting and for an acceptable person deposit a $180,000 surety.

He can't leave the Dover Heights home except for a medical emergency, police reporting or to see his legal advisers, has to surrender his passport and not enter any point of departure from Australia.

Foster is charged with five counts of publishing false or misleading material to obtain an advantage, 10 counts of dishonestly obtaining financial advantage by deception and knowingly dealing with proceeds of crime with intent to conceal.

His alleged haul was worth about $US1.141m or $A1.73m in January 2020, when the last transaction allegedly occurred.

The case was adjourned to Sydney's Downing Centre Local Court on April 22.

© AAP 2021