Lawmakers In Florida Desire To Cover Bitcoin Under Law Of Money Laundering
Bitcoin – Florida lawmakers wanting digital currencies to be covered under the money-laundering statute of the state. According to The Miami Herald, this change will guarantee that the criminals wouldn’t be able to utilize the currencies based on the internet for performing financial activities.
This measure is supported by the law enforcement officials while some of the bitcoin experts say that the bitcoins will be undermined because of it.
The prosecutors of the Miami-Dade cybercrime proposes this law when a judge puts charges against a man who sold bitcoins of priced $ 1,500 for shopping stolen credit card numbers online.
As per the attorney of the Miami-Dade State Attorney, the virtual currencies used by high-tech criminals for hiding the illegal activities. If this law gets implemented, the fraudsters and traffickers wouldn’t be able to use the virtual currencies for transferring and concealing illegal profits.
Concerned raised by money laundering case
A case was represented by the police against Michel Espinoza, who is a website designer and guilty of transmitting and laundering bitcoin worth of $ 1,500 in an illegal manner. The bitcoins were brought by the Espinoza by the undercover agents through a bitcoin exchanged named LocalBitcoins.com. They told him that they want to utilize the funds for buying stolen credit card numbers.
Espinoza was arrested by the police along with another person named Pascal Reid, who was found guilty of acting as an unlicensed money broker. Pascal agreed that he will teach the law enforcement regarding bitcoin under an agreement.
However, the defense lawyers argue that the BTC is not money that should come under the Florida law. They say that a judge in May last year said that there is no central bank or central government who backs bitcoin and this type of regulation differs from one state to another and country by country.
They also say that bitcoin is viewed by the IRS as a type of bartering. The prosecutors also appeal against the ruling of the judge in which he puts charges against Espinoza.