A Florida judge has determined that peer-to-peer decentralized digital currency bitcoin is not money. Despite the surge in popularity, particularly by statists, many officials are still backing away from the virtual currency.
It was ruled on Monday by Circuit Court Judge Teresa Mary Pooler that bitcoin is not cash because it is not backed by the government or a financial institution. Also, the judge says, the digital code is not “tangible wealth” that can’t be placed under a mattress similar to gold or cash.
The statement was made after she dismissed criminal charges against a Miami Beach man who was alleged to have illegally sold and launder the cryptocurrency. The judge noted that the current Florida law pertaining to money laundering in financial transactions is quite vague.
“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.
“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.”
After generating business headlines for much of 2013, bitcoin settled down after the price had crashed to as low as $200. Since then, however, bitcoin has been surging in both value and legitimacy.
Many economists, central banks and politicians want to adopt bitcoin or at least place it in their purview. Although these measures are being celebrated by avid bitcoiners, the motive behind these kind gestures is that those in power want to utilize the technology to track and monitor consumer transactions.
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