U.S. Federal District Court Declared Bitcoin as Legal Money

As revealed by Stephen D Palley, a lawyer based in D.C., based on the ruling of a federal court of Michigan, stated that Bitcoin is legal money. In a case involving a money laundering scheme that involves hundreds of thousands of dollars worth of Bitcoin traded on localbitcoin, US District Court for the Eastern District of Michigan ruled that Bitcoin is legal money. In contrast to the view of the defence counsel, Palley noted in his tweet post that the court stated that by similar decisions made by other federal district courts, money laundering involving Bitcoin does not count as a violation.

Source: www.btcnn.com