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Bitcoin not money, Miami judge rules in dismissing laundering charges
Miami Herald ^ | 25 Jul 2016 | BY DAVID OVALLE

Posted on 07/28/2016 6:51:46 PM PDT by oblomov

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.

But Miami-Dade Circuit Judge Teresa Mary Pooler ruled that Bitcoin was not backed by any government or bank, and was not “tangible wealth” and “cannot be hidden under a mattress like cash and gold bars.”

“The court is not an expert in economics; however, it is very clear, even to someone with limited knowledge in the area, the Bitcoin has a long way to go before it the equivalent of money,” Pooler wrote in an eight-page order.

The judge also wrote that Florida law — which says someone can be charged with money laundering if they engage in a financial transaction that will “promote” illegal activity — is way too vague to apply to Bitcoin.

“This court is unwilling to punish a man for selling his property to another, when his actions fall under a statute that is so vaguely written that even legal professionals have difficulty finding a singular meaning,” she wrote.

(Excerpt) Read more at miamiherald.com ...


TOPICS: Business/Economy; Front Page News; US: Florida
KEYWORDS: bitcoin; cryptocurrency
Good. The growth of BTC will continue as long as it doesn't threaten the state monopoly on "money". I prefer to keep at least some assets in a deflationary currency.
1 posted on 07/28/2016 6:51:46 PM PDT by oblomov
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To: oblomov

Same here. I know a lot of sites which accept BTC for payment. If it’s not money or a form of transaction then so be it LOL.


2 posted on 07/28/2016 6:54:41 PM PDT by max americana (fired every liberal in our company at every election cycle..and laughed at their faces (true story))
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To: oblomov

“Bitcoin not money, Miami judge rules”

I KNEW it!


3 posted on 07/28/2016 6:57:28 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: oblomov

Wheeeeeeeee!

My Brightly Colored Monopoly Money Racket can continue unabated! ;)


4 posted on 07/28/2016 7:04:47 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: oblomov

5 posted on 07/28/2016 7:04:52 PM PDT by gaijin
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To: oblomov
Since buying bit coins isn't a currency exchange, does that mean it is subject to Florida sales tax?
6 posted on 07/28/2016 7:06:26 PM PDT by KarlInOhio (An orange jumpsuit is the new black pantsuit.)
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To: KarlInOhio
Sounds like bartering.

Florida sales tax rules apply to bartered transactions under the same rules that apply to regular transactions. If the goods or services are normally taxable, the bartered transaction will also be taxable.

7 posted on 07/28/2016 10:34:14 PM PDT by Theoria (I should never have surrendered. I should have fought until I was the last man alive)
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To: oblomov

BTC is not money. Trump is un-electable. The media is our watchdog. Justice is blind. The government works for the people. etc...

Some people are simply incapable of seeing paradigm shifts.


8 posted on 07/29/2016 10:15:40 AM PDT by nitzy
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To: oblomov

I don’t know when I’ve been happier to see a ruling that is complete and utter crap. The longer Bitcoin and its ‘sisters’ like Litecoin aren’t thought of and classified as “real money” (which they absolutely are in a rapidly growing market) the longer it can grow before having to take measures specifically to evade governments eager to stick their hands in a whole new group of pockets.

I say this because I recently got licensed in financial dealings and folks, you would not believe the level of federal tyranny involved. Some of the stuff I’m supposed to abide by approaches Soviet-level tyranny. A few examples, very simplified due to time constraints - A: not filing a suspicious activity report under certain circumstances within so many days, B: telling someone I did (so say if I know they’re innocent they have time to prepare for the s**t hitting the fan) C: giving someone advice how to transfer money without having it possibly held without explanation or with any timeframe of release (your money can literally be frozen with no appeal if some Feddie THINKS it’s suspicious enough.)

In the space of a few days I went from vaguely positive on BC to fanatically enthusiastic for the sole reason of wanting the common man and woman to have a way to conduct business and transfer their hard-earned funds freely. The thought of the crooks and clowns in Washington going crazier than Daffy Duck on laughing gas because people have invented a way to bypass their entire Gordian Knot of restrictions on their own money makes me giddy with glee.


9 posted on 11/07/2016 2:41:11 PM PST by Laser_Ray
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