Bitcoin in Florida
A new law under vote in Florida attempts to classify Bitcoin transactions as inherently suspicious.
Thanks to a failed case where a Miami developer was basically entrapped into selling bitcoin to buyers who were undercover police officers, the proposed law will treat bitcoin transactions as potential money laundering.
According to the Miami Herald:
“Miami Beach police thought they had made a solid case against Michel Espinoza, a website designer who was charged with illegally transmitting and laundering $1,500 worth of bitcoins.
Undercover detectives met Espinoza through a Bitcoin exchange site called LocalBitcoins.com.
As they bought the bitcoin from him, the undercover detectives told Espinoza they wanted to use the money to buy stolen credit-card numbers.”
Espinoza’s lawyers argued that bitcoin is not actual money, under Florida law, but rather, poker chips.
Last year, Judge Teresa Mary Pooler, dismissed the laundering charges, prompting legislators to seek a patch to the current status of bitcoin transactions in Florida.
If you’re in Florida dealing in bitcoin, this might be of interest.
