The first ever money - laundering case regard Bitcoin was dismissed today when a Miami judge ruled that Bitcoin is not money . In herorder , Miami - Dade Circuit Judge Teresa Mary Pooler wrote ,
Bitcoin is a decentralised system . It does not have any central authority … and Bitcoins are not backed by anything . They are certainly not tangible wealth and can not be hide under a mattress like hard currency or amber cake .
Ouch .
Even though Judge Pooler admits “ the Court is not an expert in economic science , ” she explains that “ the sale of Bitcoin into a statuary scheme regulating money service businesses is like go a square peg in a round hole . ” Another effective burn .
It is important to take down that this ruling will in all likelihood only affect Florida , and mightpushFlorida officials to update their money - launder laws . accord toBloomberg , “ U.S. prosecutors in New York have been successful in win convictions tied to bitcoins . ”
Most notably , however , as part of defendant Michell Espinoza ’s plea deal , he must teach Florida jurisprudence enforcement about Bitcoin . This is an unbelievable opportunity to troll the horseshit out of copper , which is something I imagine Bitcoin users are into ? look , has Bitcoin gone mainstream these days ? IDK , I expend factual money .
[ Miami Herald ]
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