Bitcoin use in the real world has become undeniable. Currently unregulated in many countries users are often unsure if they are legally using Bitcoin. This applies specifically to the US where states can govern themselves. A landmark ruling recently changed the fortune of Bitcoin as a trader was freed on money laundering charges as Bitcoin isn’t technically considered “currency”.
“This court is not an expert in economics, however, it is very clear, even to someone with limited knowledge in the area, that Bitcoin has a long way to go before it is the equivalent of money,” Judge Teresa Mary Pooler wrote.
The original investigation which had run for over 3 years saw police trap Espinoza. Fake buyers attempted to buy Bitcoin off the suspect who was subsequently charged with money laundering. However the judge Pooler ruled no money was transmitted essentially ruling Bitcoin out from many regulations. Considering Bitcoin as a premature ‘currency’ the judge and legal professionals did not uncover legal regulations pertaining to crypto.
The decision made in Florida may only be in effect in the state but the effects are likely to influence future policies worldwide. The legality of Bitcoin as a currency is what stops it from being subject to tax, capital controls and even regulation. Making the event that Bitcoin is recognized formally rarer, Nigerians can remain safe in the knowledge that Bitcoin remains tax free and free of effect from political agendas.
To conclude, while Florida remains in the middle on cryptocurrencies such as Bitcoin, the ruling presents itself as an opportunity for crypto to remain untied to national identities and individuals. The typical user will remain unharmed as freedom to create your own transaction is and always will be present under the Bitcoin infrastructure. You too can purchase Bitcoin via the NairaEX exchange. At leading rates Bitcoin will be delivered to your address within a matter of hours!