Bitcoin is defined as ‘Money’ Under D.C. Financial Services Law
As per the federal court, Bitcoin is a form of Money under the Washington, D.C., Money Transmitter Act.
Bitcoin deemed ‘Money’ under D.C. Financial Services Law
While the largest cryptocurrency has maintained stability in price, global regulations on cryptocurrency have surprised the crypto community this week.
Per the Federal court, Chief Judge Beryl A. Howell details the meaning of Money and define Bitcoin as money. Judge Beryl A. Howell wrote to Federal court;
Money “commonly means a medium of exchange, method of payment, or store of value,”….“#Bitcoin is these things.”
While the report didn’t detail about the meaning of the court’s recent statement on calling Bitcoin as money, according to Neeraj Agarwal, director of communications at CoinCenter,
“if you’re a bitcoin intermediary for someone living in DC, you need a money transmitter license”.
D.C. Financial Services Law deemed bitcoin as money, even though it doesn’t strictly define “money,”, the court said. This is because it was essential for the court to not dismiss the long-standing court against Larry Harmon, the operator of an unlicensed bitcoin trading platform, for laundering money under federal law.
