Bitcoin is money. Now officially
The cryptoindustry, unfortunately, is still unrecognized in many countries. Even the United States of America is not an exception, in which digital means are treated with a slight mistrust. Cryptocurrencies have been the subject of serious litigation many times, but dispute resolution has been delayed due to the lack of a specific definition of cryptocurrency. What is digital money? Are they just elements of computer code? Newfangled means of calculation? Now the definition of cryptocurrency is fixed at the state level. Digital assets were recognized as money. Next, we will tell you about all the intricacies and reasons for such a profitable decision. So let’s get started.
Reasons for amending the legal status of cryptocurrencies
In fact, the news that Bitcoin and other digital coins are equating to money came unexpectedly. Usually such issues are resolved over many years, but in this case, the United States has shown tremendous efficiency in adopting legal changes. The fact is that working with the state status of the cryptocurrency made it possible to solve one very important issue – the arrest of the leader of Coin Ninja. The head of this blockchain project was accused of money laundering on an especially large scale. According to the accusations, it was his fault that about $ 300 million was processed with the help of Bitcoin.
Obviously, this is a very valuable accused who would help uncover other members of the criminal gang. However, representatives of the law could not hold the head of Coin Ninja in custody due to the nature of the charges. The point is that until today the Bitcoin used in the scams was not money. Therefore, according to American law, it is simply impossible to prove money laundering without money. That is why the decision was made to once and for all designate the cryptocurrency at the state level.
DC Chief Justice Beryl Howell said that Bitcoin has every reason to be considered money, and therefore can be used in criminal schemes that need to be punished. According to the district judge, Bitcoin solves 3 main tasks that characterize it as money. It is a means of transferring value, performing the function of payment for a purchase and a means of storing savings. That is why cryptocurrencies can be easily equated with a monetary asset. Let’s take a look at the importance of this truly historic event for the crypto industry and the economy as a whole.
Bitcoin = money. How will this affect the public?
First, it should be said that now serious companies will invest much more actively in the cryptoindustry. Some large enterprises have already rushed to unleash the potential of Blockchain, but at the moment, some companies still see Bitcoin as a threat rather than a promising tool. Now everything will change, because the recognition of the currency at the state level significantly increases the recognition and importance of coins in the eyes of large businessmen.
That is why one can expect an influx of large investors into the market. Investors have to invest in something, they will have to choose among thousands of different projects. So, determining the state status of Bitcoin will help not only invest, but also find money to develop their own ideas. It is also possible that other countries will follow the US example. And they will also denote Bitcoin with other cryptocurrencies as real money. The pluses are the same, but on a large scale. It only remains to wait.
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