Miami-Dade Circuit Teresa Mary Pooler listens to arguments about the virtual currency Bitcoin during a hearing in May. A Miami-Dade judge ruled Monday that Bitcoin is not actually money, a decision hailed by proponents of the virtual bitcoin laundering that has become popular across the world. He sold them to undercover detectives who told him they wanted to use the money to buy stolen credit-card numbers. Pooler wrote in an eight-page order.
Our journalism takes a lot of time, effort, and hard work to produce. If you read and enjoy our journalism, please consider subscribing today. The ruling was lauded by Bitcoin experts who believe the ruling will encourage the use of the virtual currency, and offer a roadmap to governments across the world that have struggled to understand and regulate it. What he basically did was sell his own personal property. Michell Espinoza did not violate the law, plain and simple.
We are presently reviewing the court order to determine whether we will be appealing this decision. Law enforcement has struggled to figure out how Bitcoin fits into illegal activities, and Espinoza’s case was believed to be the first money-laundering prosecution involving the virtual currency. The controversial virtual currency allows some users to spend money anonymously and it can be also be bought and sold on exchanges with U. The currency has gained popularity with merchants selling legitimate goods and services. In Miami, there are a few restaurants that accept the virtual currency — and even a plastic surgeon.