Florida State does not consider Bitcoin as Equivalent to money.


The Judge Maria Teresa Pooler dismissed the charges against the website designer Michell Espinoza about money laundering. This is a case that takes time in US courts and rated the Bitcoin as equivalent to money.

In 2014 Espinoza was charged with illegally mined exchange Bitcoins for cash Ricardo Arias, a detective in covered through the website LocalBitcoins. The research was intensified when Arias Espinoza buy for $ 30,000 USD in bitcoins value. The court dropped the charges because it felt that the Bitcoin is not a payment instrument, it meas that it  is not an official currency.

“The court is not an expert in economics. However; it is very clear even for someone with limited knowledge on the subject, the Bitcoin still has a long way to go before becoming an equivalent to money,” Pooler said.

On the other hand, the lawyer Espinoza asserted that his client only acted as a money transmitter, “What he basically did was selling his personal property”, “Michell Espinoza did not violate the law; that simple,” said the defense lawyer to Rene Palomino.

Governments can not decide on what Bitcoin is:

A similar case occurred in the Netherlands, a Dutch judge stated that Bitcoin was not real money. At the end the court made its decision, said that Bitcoin did not meet the criteria of legal tender in the region.

For its part, the European Union has included in its cryptocurrency list, such regulation is fairly recent, being the first approximation that a regulatory body the size of the EU has taken on this matter. This has been limited somewhat to write it down as an official currency as forced its Member States to amend their rules regarding money laundering, this for all platforms of virtual exchanges on the union to be legalized, “For the EU, the Bitcoin is a currency and must be included on the monitoring of money laundering.”

Currently the federal state governments and capitals of the United States have differences about what the Bitcoin is, but some of them agree on the creation of a regulatory framework for the currency throughout the country. Since the laws in each state are different in relation to Bitcoin cases like Espinoza’s could have different results depending on the state in which they develop. For Espinoza to return to court because the district lawyers have different opinions regarding the failure of Pooler which could rewrite the current situation of Bitcoin in Florida.

Image: pixabay

Reference: Bitcoin.com

Disclaimer: The views expressed in this article are those of the author and do not necessarily represent the views and should not be attributed to Infocoin.


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