'Bitcoin is a currency': Federal judge says virtual money is a real currency
As it is known, Bitcoin is a digital currency, which works through online transfers. However, physical Bitcoins were created by a bitcoin enthusiast, Casascius. Each physical bitcoin has its personal code in order to detect a number of bitcoins online. Can bitcoins be considered as real money and be regulated by authorities, like usual dollar currency or is it still virtual online money? Federal judge states it is real money. Texan Trendor Shavers was accused of fraudulent Ponzi scheme, which makes millions of dollars in Bitcoin market. Ponzi scheme is a swindling investment operation,....
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On September 19 U.S. Federal Judge Alison Nathan in Manhattan declared Bitcoin is money. The judgment follows the recent Florida ruling in which the Judge decided the opposite — that Bitcoin is not money. The decisions in both states show U.S. officials don’t see eye to eye on classifiying cryptocurrency. New York Federal Judge Deems Bitcoin as Money.....
Bitcoin experts now believe that the ruling will give the virtual currency a much needed boos. First up, a little background. The original Bitcoin was launched by secretive and elusive computer programmer, Satoshi Nakamoto in 2008. Since then it has set about trying to establish itself as one of the most popular online payment methods with its uniqueness stemming from being the first decentralised asset-backed e-coin to go to market. In a nutshell, Bitcoin is a virtual currency, making it different from e-wallets and bank cards who merely transfer your funds. Bitcoin money has no place in....
Ross William Ulbricht, the person who was allegedly in charge of the Silk Road website, should not be charged with money laundering, according to his attorney, Joshua Dratel, who stated that Bitcoin are property and not real currency citing the IRS’ recent ruling. The Silk Road “mastermind” is charged with using Bitocoins to launder money related to drug deals and criminal services such as hit man-for-hire that was allegedly made available through the site. This is where it gets interesting as yesterday at Inside Bitcoins NYC, Congressman Steve Stockman (R-TX) announced that he is planning....
A US district judge has denied a motion by the one of the founders of early digital currency firm Liberty Reserve to dismiss a federal indictment filed two years ago. According to court documents, Arthur Budovsky asked the judge to waive the indictment on multiple grounds in June, raising questions about whether the firm, based in Costa Rica, was required to register as a money services businesses and whether bitcoin qualifies as "funds". US District Judge Denise Cote of the Southern District of New York rejected Budovsky's motion, which will set the stage for Budovsky to head to trial.....
The United States’ tax agency, the Internal Revenue Service, clarified its position on cryptocurrencies Tuesday in a statement. The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as Bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency. In some environments, virtual currency operates like “real” currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender,....