Topic: D.C. Financial Services Law: Bitcoin is a form of money - page 2. (Read 258 times)
Bitcoin have many characteristics money have, regarding it as money is right, it is used for making payments which is the real function of money. If the decentralized currency (bitcoin) is regarded as money, it is good. I have a friend that have a mini store, I often dialogue with him to let me pay in bitcoin, he accepted and we are both cool with that. I got a friend abroad, he wanted to send me money, all in 20 minutes, I received bitcoin. I can convert it to fiat or spent as bitcoin. All these makes bitcoin to be regarded as money.
Wow, those are some great news, i hope my country adopt bitcoin as money soon too, that way the business can charge BTC and give a tax ticket. Right now they can't do that because in México bitcoin is considered a 'digital active' and not money.
It's good that they are finally seeing and treating bitcoin as a form of money and are subject to legal things and stuff. It's not too often that you will see a judge or someone versed in the law define and treat bitcoin as one with fiat and other forms of money, and most of them oppose the idea and are insisting that it cannot hold actual value therefore it cannot be recognized by the law as money. It's a step towards actually recognizing bitcoin's features similar to fiat. Just a few more to achieve legal status so services can freely accept it without having to worry about the government trying to pin them down for money laundering.
Bitcoin Deemed ‘Money’ Under D.C. Financial Services Law
The virtual currency known as Bitcoin is a form of “money” covered under the Washington, D.C., Money Transmitters Act, a federal court said Friday.
The court declined to dismiss criminal charges against Larry Dean Harmon, the operator of an underground Bitcoin trading platform, for running an unlicensed money transmitting business under D.C. law and for laundering money under federal law.
Money “commonly means a medium of exchange, method of payment, or store of value,” Chief Judge Beryl A. Howell wrote for the U.S. District Court for the District of Columbia. “Bitcoin is these things.”
https://news.bloomberglaw.com/us-law-week/bitcoin-deemed-money-under-d-c-financial-services-law
The virtual currency known as Bitcoin is a form of “money” covered under the Washington, D.C., Money Transmitters Act, a federal court said Friday.
The court declined to dismiss criminal charges against Larry Dean Harmon, the operator of an underground Bitcoin trading platform, for running an unlicensed money transmitting business under D.C. law and for laundering money under federal law.
Money “commonly means a medium of exchange, method of payment, or store of value,” Chief Judge Beryl A. Howell wrote for the U.S. District Court for the District of Columbia. “Bitcoin is these things.”
https://news.bloomberglaw.com/us-law-week/bitcoin-deemed-money-under-d-c-financial-services-law
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