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Bitcoin is now 'Money'

The American Courts have now, in three separate decisions in 2014, decided that the virtual currency called Bitcoin is �Money�.

Whilst the concept of Bitcoins is to my innocent mind something akin to Reggae � so simple that it is inexplicable � it is clear that Bitcoins are computer generated assets which are being traded of themselves and also being used to buy goods and services.

The US Courts have taken the pragmatic view that if it looks like Money, smells like Money and tastes like Money then it must be Money � as such it comes within the ambit of the Anti- Moneylaundering legislation and the various taxation rules on financial transactions.

This is no surprise perhaps to anyone other than those [including, but certainly not only, Criminals] who would, on the one hand wish to use Bitcoin as Money, but the other hand seek to state that Anti-Moneylaundering rules should not apply.

And where the USA leads I feel sure other Countries will follow.