Thursday, July 28, 2016

Judge: "The Bitcoin has a long way to go before it the equivalent of money"

I actually agree with this judge's ruling---and also agree with her view that her knowledge is limited, since money does not have to be "backed" by a government or bank.

The Miami Herald reports:
A Miami-Dade judge ruled Monday that Bitcoin is not actually money...

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.

(ht Lee Killough)

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