Judge: Bitcoin Not Same As Money In Criminal Case

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MIAMI (CBSMiami/AP) -- A South Florida judge ruled Monday that bitcoins are not the same as money when it comes to crimes like money laundering.

Miami-Dade Circuit Judge Teresa Mary Pooler on Monday dismissed money laundering charges against Michell Espinoza.

CBS4 news partner The Miami Herald reported Espinoza was arrested after selling $1,500 in bitcoins to undercover detectives who said they would use them to buy stolen credit-card numbers.

Pooler ruled that bitcoin wasn't like cash because it is not backed by a government or a bank. The judge also determined Florida's money laundering laws are too vague to apply to bitcoin.

Prosecutors previously said Espinoza's case was among the first nationally involving bitcoin and money laundering.

A co-defendant previously pleaded guilty to acting as an unlicensed money broker.

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