The recent judgement by the Miami-Dade Circuit Court declares that the popular digital currency, Bitcoin can’t be considered as money. The decision made by Judge Teresa Mary Pooler exonerates Michell Espinoza from the charges of illegally selling virtual currency and money laundering.
Michell Espinoza, the defendant in the case was arrested by the police as a result of an undercover operation. He was caught while attempting to sell $1500 worth of Bitcoin to undercover officers who informed him that they wanted the digital currency to procure stolen credit card information.
Michell Espinoza and his associate Pascal Reid were arrested while making an exchange and charged with laundering and illegal selling of digital currency. Pascal Reid was sentenced to probation after he pleaded guilty. Michell Espinoza went to trial with the lawyers Prieto and Rene Palomino representing him, says the reports on a local news publication .
The criminal charges brought about by the police department was thrown out by the Judge earlier today after concluding that Bitcoin doesn’t qualify as money. The proceeding involved testimonies and witnesses from both prosecution and the defense. Charles Evans , a Barry University economics professor was one of the expert witnesses who explained to the court about Bitcoin and how it doesn’t qualify as money. He is said to have received $3000 in Bitcoin to provide the testimony.
Charles is said to have explained Bitcoin by saying, “Basically, it’s poker chips that people are willing to buy from you,” Charles also claims that he has been involved with virtual currencies since they first made an appearance early in the 1990s until Bitcoin and other digital currencies. He is also involved in a non-profit called Conscious Entrepreneurship Foundation which helps small businesses in developing nations.
In the ruling, Judge Teresa Mary Pooler mentions that Bitcoin is not backed by […]
