There is nothing like the Florida sunshine to get your mornings full of energy, I should know this because I have been a Floridian all my life and there is nothing like a warm summer breeze in the morning, coffee in hand and birds singing away. When it comes to the Sunshine State, for the average tourist its a haven for relaxation to get away from the hustle and bustle of every day life, a paradise for many to explore. Sometimes though for the locals, we have to really pay attention to how our State legislature runs its law books and this week it appears as an avid crypto currency user myself, we Floridians handling Bitcoin may need to keep a steady watch on what laws may come at us in the future.
This week, House Bill 1379 passed in Florida, which defines virtual currency and prohibits its use in laundering criminal proceeds. The bill adds the term “virtual currency” to the definition of “monetary instruments” under Florida’s Money Laundering Act. The legislation is currently in the hands of the State’s Governor and is expected to be signed soon.
The Act defines digital currency as a “medium of exchange in electronic or digital format that is not a coin or currency of the United States or any other country.” Previously, the Act only applied money laundering to legacy financial transactions of various types, including bank deposits, investments, and wire transfers.
The resulting outcome is that criminals using cryptocurrencies will be charged with money laundering as well as the underlying crimimal activity. “Cyber criminals have taken advantage of our antiquated laws for too long,” claimed Democratic House Representative Jose Felix Diaz, a sponsor of the bill.
Florida Representative Jose Felix Diaz says this about Bitcoin “Bitcoin bypasses the traditional banking system, and our state’s laws simply had not caught up to the upsurge in criminality in the world of cybercurrency.”
Needless to say I get a personal sense that Florida Representative Jose Felix Diaz is not a huge fan of our endeavors here as law abiding crypto currency holders.
So what does all this mean for Floridians at this stage. Well to put it simply, don't sell drugs and be caught using Crypto as a payment system, lol. If you do, sadly then you get the old slammer with an extra charge for money laundering. Granted, crime is a bit of a struggle down here but I wonder myself why it is we are passing laws on Bitcoin for money laundering and not focusing on the users out there using this for good who want some kind of ruling if this is legal or not. Or why is it they want to attach a criminal outlook on Bitcoin head on with the public vs really getting the job done to let us figure out the legalities of how they plan to view this thing for decent common folk who love crypto currency.
Well my friends that is what has happened this week in my home state, hopefully this doesn't spawn more regulations on top of more regulations in my State and soon to travel to yours. I really would love to hear your views on this matter, any comments you leave I will definitely respond to.
IN CRYPTO WE TRUST,
~sflaherty
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