Bitcoin Was Not Money - Based on Miami-Dade Circuit Judge

It's Written on miamiherald.com, A Miami-Dade judge, Teresa Mary Pooler stated 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.”

Michell Espinoza who previously had been charged with illegally transmitting and laundering $1,500 worth of Bitcoins, cannot be punished. “This court is unwilling to punish a man for selling his property to another, when his actions fall under a statute that is so vaguely written that even legal professionals have difficulty finding a singular meaning,” - Teresa Mary Pooler.

Money Laundering Law Need Update

The judge decisions made because the state's money laundering law requires much update. Teresa Mary Pooler said, "Hopefully, the Florida Legislature or an appellate court will define ‘promote’ so individuals who believe their conduct is legal are not arrested.”

All these time, the law enforcement were trying hard and try to figure out how Bitcoin fits into illegal activities. In Espinoza’s case, will be the first money-laundering prosecution involving the virtual currency. But according to the money laundering law in Florida, what Michell Espinoza did, it was not an illegal activity. He did not violate the law.