Bitcoin not money, says judge

A judge in Miami ruled this week that Bitcoin is not “real money,” dismissing a case against a man accused of laundering $1,500-worth of the digital currency which he believed was to be used for criminal activity.

Michael Espinoza transferred the Bitcoin to undercover agents posing as criminals, who said they intended to use the funds was to buy stolen credit card numbers.

On Monday, Judge Teresa Mary Pooler agreed with the defense’s argument that Espinoza could not be guilty of money laundering charges because digital currencies do not constitute money under Florida law.

Square Peg in a Round Hole

“This court is not an expert in economics,” said Pooler. “However, it is very clear, even to someone with limited knowledge in the area, that bitcoin has a long way to go before it is equivalent of money.

“The Florida legislature may choose to adopt statutes regulating virtual currency in the future,” she added. “At this time, however, attempting to fit the sale of bitcoin into a statutory scheme regulating money services business is like fitting a square peg in a round hole.

“There is unquestionably no evidence that the defendant did anything wrong, other than sell his Bitcoin to an investigator who wanted to make a case.”

What are your thoughts on this? Is bitcoin money or property?

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