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Miami Court Rejects Bitcoin as Money

© Flickr / BTC KeychainBitcoin keychain
Bitcoin keychain - Sputnik International
The court of the southern US Miami-Dade county, Florida issued a ruling on Monday saying that Bitcoin cannot be qualified as money, local media reported.

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MOSCOW (Sputnik) — Michell Espinoza from Miami Beach was charged with illegally selling and laundering the cryptocurrency.

According to the US Miami Herald newspaper, Miami-Dade Circuit Judge Teresa Mary Pooler ruled that Bitcoin "has a long way to go before it is the equivalent of money," adding that it did not have enough characteristics of currency in its usual sense.

The judge threw out criminal charges against Espinoza stating that he could not be punished 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."

Launched in 2009, the Bitcoin cryptocurrency reached its peak value in late 2013, trading at over $1,000 per bitcoin. Since 2014, its value has fluctuated between $200 and $500.

Cryptocurrencies have no material form and global currency regulation does not apply. An unlimited number of anonymous sources could issue and use the currency.

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