Is bitcoin gambling legal in Florida after judge rules btc is not money?

Discussion in 'General Bitcoin Gambling Discussion' started by Kaboom, Jul 25, 2016.

  1. Kaboom

    Kaboom Member

    In a money laundering court case in South Florida a judge has ruled that bitcoin is not cash because it is not backed by a government or bank. I can't help but think that this ruling will have repercussions for online gambling with bitcoin in Florida. Since bitcoin is officially not a currency in Florida now, doesn't it mean that you can legally gamble with crypto?
  2. Humble Servant

    Humble Servant Active Member Staff Member

    That's a good question. Will this ruling also have implications throughout the United States. Can bitcoin sports betting sites and poker rooms in the U.S. now use the precedent of this court case to claim they are not facilitating real money gambling.
    Last edited: Feb 9, 2017
  3. EthHead

    EthHead Member

    The government is appealing this ruling. Unless bitcoin is classified as money it will be a legal nightmare for them in upcoming cases where illegal good and services were being sold for btc.
  4. Humble Servant

    Humble Servant Active Member Staff Member

    Federal Judge Alison Nathan has ruled that bitcoin is real-money. She said in her verdict that "Bitcoin are funds" and that "Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment."

    This is good news for U.S. government who have been freaked out by the earlier ruling from a Florida judge who stated BTC is not a currency as it would hamper their ability to prosecute drug dealers and those involved in money laundering.
  5. Gooch

    Gooch Member

    This is hilarious. The U.S. government are in a catch 22 situation. If they declare BTC to be real money they legitimise it and makes it more popular. This terrifies them because if more US citizens start using crypto then it weakens the power of the Federal Reserve and the governments control over money supply. On the other hand, unless bitcoin is legally declared a currency, they won't be able to take narcos and other criminial to court who use btc.

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