Bitcoins are Money, Trial Against Exchanger Still On
A judge rules that bitcoins, a type of virtual currency, do legally qualify as “money,” and that defendant will still face trial, reports Bloomberg.
Robert Faiella has been charged with running an illegal underground Bitcoin exchange and conspiring to launder more than $1 million in the virtual currency. According to Bloomberg, Faiella also allegedly sold bitcoins to users of Silk Road, an online black-market bazaar where drugs are bought and sold anonymously.
Faiella requested that the counts against him be dismissed, arguing that the convictions aren’t applicable because bitcoins aren’t money, according to Bloomberg.
Manhattan U.S. District Judge Jed Rakoff denied Faiella’s request and Faiella’s trial will continue to commence on Sept. 22.
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