Bitcoin ‘not real money’ says Miami judge in closely watched ruling

Defendant acquitted of illegally transmitting $1,500 worth of cryptocurrency Judge: ‘Bitcoin has a long way to go before it is the equivalent of money’ A Miami court judge has sent ripples through the cryptocurrency community in a ruling in which she said bitcoin was not real money.
Defendant Michel Espinoza was on trial for illegally transmitting and laundering $1,500 worth of bitcoins to undercover agents who intended to use them to purchase stolen credit cards.
His attorney argued that the charges should be dismissed because, under Florida state law, the cyber-currency could not be considered money. After extended deliberation, Judge Teresa Mary Pooler agreed in a ruling issued on Monday.
‘This court is not an expert in economics,’ Pooler wrote in her ruling. ‘However, it is very clear, even to someone with limited knowledge in the area, that bitcoin has a long way to go before it is equivalent of money.’
She proceeded to dismiss all three counts against the defendant.

This post was published at The Guardian on 26 July 2016 16.34 BST.

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