Just now, during a case in Florida, Judge Ms.Pooler declared that Bitcoin is not money. Her reason was because it is not backed by a bank or nation and as I quote her, "it can't be hidden under a mattress like cash and gold bars," or has “tangible wealth.”
The purpose of this case was to decide whether the defendant will be charged for laundering & selling $1,500 worth of bitcoin to undercover detectives. They found him on LocalBitcoins.com and said they wanted to buy stolen credit card numbers. Sounds like the start of a CSI episode...Dun dun dun
Essentially this means, that this is our “own personal property.” I believe this ruling will encourage the use of virtual currencies, and will help them flourish. It is a milestone that shows other governments in the world how to approach it.
It is an extremely interesting & important case, since bitcoin isn't classified as money than he didn't violate any law. This opens the doors for a very interesting conversation.
I am curious what is Steemits thoughts & your stance?
