In news broken by Stephen D Palley, a Washington DC-based lawyer, a Federal Court in the US State of Michigan has passed down a ruling that says Bitcoin [BTC] constitutes money. The development marks a positive step towards the wider adoption and recognition of cryptocurrency in the public sphere.
Palley is a partner at the law offices of Anderson Kill and is also the co-chair of the firm’s Blockchain and Virtual Currency Group. The ruling was made by the Southern Division of the US District Court for the Eastern District of Michigan over a case where the defendant was charged with a money laundering scheme involving hundreds of thousands of dollars worth of Bitcoin.
In the aforementioned case, the defendant had been charged with facilitating the trade of Bitcoins without having registered with the State as a money transmitter. However, the defendant contrarily argued that any such question of registration as a money transmitter was unwarranted as Bitcoins didn’t qualify as money…
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