Can Bitcoins be Regulated if they Aren’t Money?

Jul 26

Bitcoin not money, Miami judge rules in dismissing laundering charges

Michell Espinoza was accused of illegally selling and laundering the virtual currency
Detectives said he sold the currency knowing it was to be used for illegal activity
Judge rules Bitcoin ‘has a long way to go’ to be considered money

BY DAVID OVALLE

A Miami-Dade judge ruled Monday that Bitcoin is not actually money, a decision hailed by proponents of the virtual currency that has become popular across the world.

In a case closely watched in financial and tech circles, the judge threw out the felony charges against website designer Michell Espinoza, who had been charged with illegally transmitting and laundering $1,500 worth of Bitcoins. He sold them to undercover detectives who told him they wanted to use the money to buy stolen credit-card numbers.

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