Bitcoin Law Usa. House Bill 1379 recently passed in Florida, which defines virtual currency and prohibits laundering of virtual currency. The bill introduces the illegal use of digital currencies ... A LICENSE, THE FLORIDA OFFICE OF FINANCIAL REGULATION IS NOT ENDORSING THE USE OF DIGITAL OR VIRTUAL CURRENCIES. – U.S. currency is legal tender backed by the U.S. government. – Digital and virtual currencies are not issued or backed by the U.S. government, or related in any way to U.S. currency, and have fewer regulatory protections. The high-tech criminals of the 21st Century use virtual currencies like bitcoin to accumulate and hide the profits of their illegal activities. As the Herald notes, the legislation comes hot on the heels of the failed prosecution of Florida resident Michell Espinoza, who allegedly tried to sell $1,500 of bitcoins which were used to purchase stolen credit card information. The law enforcement agencies in Florida have been working overtime, trying to net people attempting to buy or sell bitcoin in their individual capacity. However, they were left disappointed at least in one case after the presiding Judge decided to drop charges on the account of lack of clear classification of the digital currency. The Florida Relay Service provides communications assistance to individuals with hearing, ... (also referred to as virtual currency and digital currency) - a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In simple terms, cryptocurrency is electronic money that is not issued or backed by a government or central bank. Units of ... House Bill 1379 in Florida defines cryptos and prohibits laundering of virtual currency. Thanks to tough legal requirements, selling Bitcoin in the state requires a Money Services license in addition to the maintenance of an anti-money laundering program. Such restrictions make Florida a difficult state to do Bitcoin-related businesses in. Mining activity in the state is also limited. There ... The immediate one will be the clash with the State’s existing policy. The Courts ruling will also have a butterfly effect of transforming Florida's reputation in relation to virtual currency. This action will further burden the nascent industry and make it harder for the state's businesses to adopt or transact on the Bitcoin network.
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