Bitcoin isn't money, Miami judge rules

A Florida circuit court judge has ruled that bitcoin is property and not money. The decision was reached by Judge Teresa Pooler in a recent money-laundering case, according to a report by Tech Crunch.

In the case, the defendant was accused of trying to sell bitcoin to undercover agents for cash that the agents had said was obtained in an illegal manner. Judge Pooler dismissed the case, ruling that, because bitcoin is not money, the defendant could not be charged for money laundering.

Judge Pooler also disagreed that bitcoin was any sort of payment instrument. "Attempting to fit the sale of bitcoin into a statutory scheme regarding money services businesses is like fitting a square peg in a round hole," she said.

This case could set a precedent for bitcoin decisions in future cases. In a previous bankruptcy hearing, Judge Dennis Montali of the bankrupcy court of Northern California declared bitcoin to be an "intangible asset," that is, a possession without physical substance such as a copyright, patent or trademark.