US District Judge: “Bitcoin is Money”
The question of whether or not Bitcoin is money, property or a commodity took one step closer as a Federal judge ruled in the case of Robert Faiella, 54 and Charles Shrem, 24, that Bitcoin was money. This case is actually not the only ruling on the issue by US courts that called Bitcoin money. The judge did not agree with the defense's idea that Bitcoin was not money saying Bitcoin "clearly qualifies as 'money' or ‘funds.’” In this particular case, defendants were moving money through the Silk Road and the judge stated that since Bitcoin has a denominator of value (each Bitcoin is worth a....
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A U. S. District Judge has disagreed with arguments that bitcoin doesn't qualify as money in an ongoing case relating to 54-year-old Florida man Robert Faiella. Faiella's legal counsel had attempted to make that cause that the defendant should have one of two charges against him dismissed (operating an unlicensed money transmitting business) because, well, bitcoin isn't money. But the Judge, Jed Rakoff, swatted down the argument, stating that bitcoin "clearly qualifies as 'money' or 'funds,'" by definition. "Bitcoin can be easily purchased in exchange for ordinary currency, acts as a....