Bitcoin not money, US judge rules. Miami Judge Rules That Bitcoin Is Not Money. Bitcoin has been described as “a new kind of money.” That’s because the digital currency doesn’t rely on an exchange of paper and there is no centralized bank that records your transaction. This week, a Miami-Dade judge disagreed, issuing a ruling that Bitcoin is not, in fact, money. The ruling came in response to what is likely the first of its kind: a criminal case involving Bitcoin and money laundering. Miami-Dade Circuit Judge Teresa Mary Pooler threw out all charges. On the first charge of engaging in business as a money services business, she wrote that “attempting to fit the sale of Bitcoin into a statutory scheme regulating money services businesses is like fitting a square peg in a round hole.” Bitcoin is not, she noted “backed by anything” and is “certainly not tangible wealth and cannot be hidden under a mattress like cash and gold bars.” Instead, she wrote, while dismissing the charge, “This Court is not an expert in economics, however, it is very clear, even to someone with limited knowledge in the area, that Bitcoin has a long way to go before it the equivalent of money.”
Miami Judge Rules That Bitcoin Is Not Money
As controversial as it might seem, the ruling is in line with the position taken by the Internal Revenue Service (IRS). Read More Here: Miami Judge Rules That Bitcoin Is Not Money. That’s at odds with a ruling late last year from the European Court of Justice (ECJ), the highest court in Europe.