Bitcoin is Money: Federal Judge in US trial

Bitcoin is Money: Federal Judge in US trial

  • September 21, 2016
  • /
  • Deepak Bharadwaz

Bitcoin had a strong opening this week making it third week in a row with the price over $600 level. But the support broke on 20th September plummeting Bitcoin prices to late $590 level. Whether the fall in prices happened fundamentally or just a test of lower bands is non-conclusive. While the market speculation remains confusing, Federal Judge has ruled that Bitcoin is Money in Coin.mx case. Let’s look into the details of the ruling:

JP Morgan’s hack tied to Coin.mx case:

JP Morgan hack ring tied to Coin.mx

JP Morgan hack ring tied to Coin.mx

A federal judge in New York has ruled that bitcoin constitutes a form of money. The ruling comes from the ongoing case involving the now-defunct Florida bitcoin exchange Coin.mx. One of the former operators of the exchange, Anthony Murgio got indicted for alleged money laundering charges in July.  He sought to dismiss two of the charges against him by arguing that bitcoins don’t count as “funds” in US.

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However,Judge Alison Nathan of the Southern District Court of New York rejected that bid. She moved that bitcoin is money by virtue of its usage.

Nathan wrote in her ruling:

“Bitcoins are funds within the plain meaning of that term. 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.”

The Coin.mx case links to a broader investigation by the US government into an alleged cybercrime ring. This ring ties to a series of hacks on major companies and financial institutions, including Wall Street giant JPMorgan Chase. According to prosecutors, Coin.mx was a conduit for laundering proceeds from the purported operation.

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Purse and Unocoin partner to increase adoption in India:

unocoin-logo purseio_brand_logo

Bitcoin shopping platform Purse.io today announced a partnership with leading Indian cryptocurrency exchange Unocoin. Bitcoin use in India is growing rapidly, so Purse wants Indian residents to take advantage of its e-commerce platform. By the same notion, the company is trying to provide a seamless shopping experience for bitcoin users.

Amazon is steadily becoming one of the largest online marketplaces in India. The company also recently announced it would comply with Indian e-commerce rules. This allows greater foreign investment but restricts the discounts merchants can offer directly.

punoPurse leverages unspent gift card liquidity to provide Amazon discounts. The platform matches buyers with individuals who have illiquid gift card balances, then orders items at a discounted rate. The card holders receive bitcoin, which they can then exchange for rupees using Unocoin. This way Bitcoiners can get 15-22% discount on Amazon.

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