Florida Judge to Rule If Bitcoin Is ‘Really Money’, Tomorrow

By June 30, 2016Bitcoin Business

Advertised sites are not endorsed by us. They may be unsafe, untrustworthy, or illegal in your jurisdiction. A Florida judge is scheduled to decide on July 1 if bitcoin is really money, according to American Banker . The judge is expected to rule whether a man charged with selling bitcoin to undercover police was violating the state’s anti-money launder law, as charged by law enforcement.

The defense argues that bitcoin is personal property, so the man can’t be accused of operating an unlicensed money transmitter business.

Police arrested Michel Espinoza in a Miami Beach motel in 2014 for agreeing to sell $30,000 worth of bitcoin to an undercover police officer he met on LocalBitcoins.com . Prosecutor Cites State Statute

Prosecutors claimed Espinoza violated Florida’s anti-money laundering law for operating an unlicensed money transmitting business.

The defense claimed the laws don’t apply because Espinoza was selling bitcoin, not money.

Charles Evans , an economics professor at Barry University, acting as a defense witness, told the court in January no central government or bank backs bitcoin, regulation of the cryptocurrency varies by jurisdiction, and the IRS considers bitcoin trades the same as bartering, CCN reported.

Evans called bitcoin “poker chips that people are willing to buy from you.”

Tom Haggerty, the prosecutor, argued that the cryptocurrency is the same as cash, noting that some restaurants accept it as payment. “You don’t purchase a hamburger with a comic book,” Haggerty said. “You usually purchase it with cash, or in this case, a bitcoin.” Judge Asks For More Time Miami-Dade Circuit Judge Teresa Mary Pooler asked for more time to research the matter before making a decision. Pooler said the topic is “the most fascinating thing I’ve heard in this courtroom in a long time.”The case is believed to be the first money-laundering charge against someone accused […]

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