Earlier last week, Flordia’s Third District Court appealed for Bitcoin to be considered as a legal tender. According to the court, Bitcoin does not constitute as a proper definition of money but it does act as a medium of exchange.

In 2016, Miami Beach resident Michell Espinoza was charged with two counts of money laundering and acting as an unauthorized money transmitter operating a digital currency-trading website on LocalBitcoins.com. Judge Teresa Pooler, dropped the case saying Bitcoins aren’t considered as money according to Florida state law.

But now Flordia’s Third District court which has retaken the Michell Espinoza case put forward an argument stating that Bitcoin even though is not like proper money, does act as a medium of exchange and should be considered as a legal tender.

The case is still ongoing and no conclusion has come till yet. If Michell Espinoza is charged for illegal money transmitting, then the state of Florida would have to legally recognize Bitcoin as a legal tender.

The case of Bitcoin

Since the early days of Bitcoins, arguments have been put to whether Bitcoin is to be considered money or an asset. People claiming Bitcoin is money argue that Bitcoin can be used as a medium of exchange, and Bitcoins can be earned like real money.

The people who argue Bitcoin as an asset class attacks Bitcoin’s price fluctuation stating Bitcoin is similar to gold whose value increases or decreases on a day to day basis and should come under security laws.

The debate is still ongoing, but some countries such as Venezuela have started to recognize Bitcoin as a legal tender.

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