Just when I thought the American Court System was starting to understand Bitcoin, they go and do something like this...
A Judge in Florida recently ruled that Bitcoin wasn't money because it was not backed by any financial institution, was not a tangible good, or in anyway could it be considered a service rendered so it failed to meet the state's standards for a "Real" currency. LOL I love judicial politics sometimes...
In summary this whole thing started as a Money Laundering case over Bitcoin but was thrown out of court because a Florida Judge ruled that Bitcoin did not meet the State Qualifications for being a "Real" currency. Now if only they could convince the IRS of this because they sure as hell want me to report all Bitcoin earnings and profits from exchanges on my annual income tax forms.
The IRS however still missed the mark a bit because they want to treat Bitcoin like a Stock that pays dividends. Legally as of last year I was allowed to account for the cost of all Bitcoins when acquired, and would only be required to pay income tax on the net gains that resulted from the holding or trading of Bitcoins. On the flipside, one was also allowed to write off any losses incurred as a result of bad trades or a decline in the price of one's holdings...
I'm still not sure why, but it's as if these people have never heard of Crypto's even though Bitcoin has been publicized in the mainstream media for years. CNN, Forbes, WSJ, you name a financial publication and I can almost promise you Bitcoin has been mentioned. Even Ethereum has been drawing attention recently, but I guess some people prefer to turn a blind eye towards progress and in this case the good guys won!
Florida judge: Bitcoins aren’t currency, so state money laws don’t apply
Miami man sold via localbitcoins.com, then undercover cop tried to target him.
A Florida judge has decided in favor of a bitcoin vendor charged with violating local money-laundering laws, because, she found, the cryptocurrency is not money as defined under state law.
Published in Arstechnica by CYRUS FARIVAR - 7/27/2016, 6:40 AM