Is Bitcoin Money? Florida Judge to Decide

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WASHINGTON — Whether bitcoin is tangible banking is during a forefront of a first-of-its-kind money-laundering box in Florida to be motionless Wednesday.

In Feb 2014, Michel Espinoza was arrested in a Miami Beach motel for similar to sell $30,000 value of bitcoin to an clandestine military officer he had met on an sell site called LocalBitcoins.com.

Prosecutors charged that Espinoza disregarded Florida principle on income laundering and for handling an unlawful income transmitting business.

But a invulnerability has argued that these laws do not request to Espinoza’s case, since he was not offered banking — he was offered bitcoin.

“It’s only like we offered your possess personal property,” Rene Palomino Jr., Espinoza’s attorney, pronounced in a justice filing. “Since bitcoins are ‘goods,’ Espinoza’s purported control is released from a clarification of a tenure ‘money transmitter’ ” underneath both state and sovereign law.

The box highlights a maze that has confused digital banking companies and state regulators alike: how to understanding with a digital item that is not a authorised proposal though can still reason value.

“Florida is traffic with a same definitional


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