Economist Argues Bitcoin Isn’t Real Money in Miami Money Laundering Case

Economist Argues Bitcoin Isn’t Real Money in Miami Money Laundering Case


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An argument being presented in an American courtroom will alarm many common sense observers: bitcoin isn’t real money, so someone accused of laundering it shouldn’t be convicted of money laundering.

This is the argument that attorneys are using in asking a Florida judge to dismiss money laundering charges against Michell Espinoza, a Miami man who police say sold and laundered $1,500 worth of bitcoins to undercover detectives, according to The Miami Herald.

Economics Professor Testifies

Charles Evans, an economics professor at Barry University, acting as a defense witness, told the court no central government or bank backs bitcoin, regulation of bitcoin varies by jurisdiction, and the IRS considers bitcoin trades the same as bartering. Evans called bitcoin “poker chips that people are willing to buy from you.” The professor was paid $3,000 worth of bitcoins for his appearance.

Espinoza’s lawyers, Prieto and Rene Palomino, want the charges dismissed since bitcoin

Read more ... source: TheBitcoinNews

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