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Florida to draft a legislation recognizing Bitcoin as a currency

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September is turning out to be a positive month for Bitcoin enthusiasts. Widespread mainstream adoption is driving the currency’s prices high. US congress has pretty recently passed a resolution that prompts for an innovation policy supporting cryptocurrencies. More positive news is underway as the state of Florida is planning to treat Bitcoin as currency.  Let’s look into how and why the sunshine state is planning to do this:

Miami-Dade Circuit Court Ruling:

Michell Espinoza’s Miami-Dade trial recently made headlines when the judge ruled that Bitcoin was not money and dismissed the case. Shortly after that, the state appealed the decision. Florida Senator Dorothy Hukill says the state is planning to file legislation about cryptocurrencies. Since Florida law hasn’t defined Bitcoin yet, lawmakers are researching ways to regulate its use.

The senator believes the state needs a law because of Bitcoin’s popularity, and the many Florida court proceedings that involve the currency. After the Espinoza case dismissal by Judge Teresa Pooler, many people are expecting changes in laws to accommodate cryptocurrencies. Hopefully the legislation would be such that the currency grows in an unaffected manner.

Third largest Bitcoin Mining group launches second pool:

BITMAIN's Antminer
BITMAIN’s Antminer

China-based Bitmain announced the launch of its second mining pool on 13th of September. The new offering would be open sourced to its community users. Bitmain’s Antpool platform is popular across community for its 13% share of the network. In an interview, Nisthant Sharma, international marketing manager at Bitmain, explained the goal behind the launch. The software is  to “promote decentralization of the bitcoin mining network”.

Sharma told:

“We hope that this open-source mining pool will set new benchmarks in terms of stability, efficiency, and service for all mining pools.”

By utilizing the global community, the company believes it can set new technical standards for mining.

Romanian Bitcoin Exchange shuts down:

Romania’s first order-book exchange has announced that it is closing down. The BTCXchange website informed users of a possible sale of the service on 18th August. On 4th September, the exchange asked users to withdraw funds ahead of an expected 12th September shut down. According to Romanian news source Bihon, whether the exchange is up for sale is still unclear.

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In past statements, owner Horea Vuscan expressed his hope to successfully sell the exchange  as it was “highly profitable”. They would be accepting offers for the platform starting 16th September. While Horea believes that the venture is profitable, he has expressed reservations about security. How successfully would the exchange reincarnate is to be seen.

 

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