An U.S. Federal Judge has ruled that Bitcoin is in fact money.
The ruling came in light of a case involving Coin.mx — a former Bitcoin exchange that shut its doors for good last year — and one of its former operators Anthony Murgio. The latter was indicted on money laundering charges last year.
Since the indictment, Murgio has been looking to reverse this ruling by claiming that the cryptocurrency should not count as “funds.” However, Judge Alison Nathan of the Southern District Court of New York did not drop these charges.
She wrote that Bitcoin is money due to the manner in which it is used as it can be accepted to pay for goods and services, with the option of buying it directly from an exchange if you have a bank account.
“They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment,” the judge added.
A previous ruling in Florida saw a Miami judge rule that Bitcoin is not money according to the Southern state’s statutes. The U.S. government is investigating a cybercrime ring connected to a series of hacks on major companies such as JPMorgan Chase & Co. (NYSE:JPM).
Attorney Brian Klein is representing Murgio in the case, in which the prosecutors claim that his former exchange Coin.mx was used for money laundering.
“The defense obviously disagrees with the Court’s denial of the motion to dismiss,” said Klein. “Anthony Murgio maintains his innocence and looks forward to clearing his name at his upcoming trial.”
