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Trendon Shavers, a 30-year-old businessman recently charged with running a Ponzi scheme using Bitcoin, tried to get his case thrown out by claiming that Bitcoin isn’t real money and therefore is not subject to regulation by the U.S. government.
The court rejected Shavers’ claim yesterday stating that Bitocin is real money, and that the Bitcoins invested in Bitcoin Savings and Trust - Shavers’ hedge fund - count as securities that are subject to SEC regulation.
In his ruling, Judge Amos Mazzant said that Bitcoin is a security because people exchange it for real goods and services: “It is clear that Bitcoin can be used as money. It can be used to purchase goods or services, and as Shavers stated, used to pay for individual living expenses. The only limitation of Bitcoin is that it is limited to those places that accept it as currency. However, it can also be exchanged for conventional currencies, such as the US dollar, Euro, Yen, and Yuan. Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money”.
Bitcoin is a virtual currency that doesn't have any type of physical asset or government to back it up. The value of an individual Bitcoin can rise and fall, just like other financial investments, and a Bitcoin can be traded for traditional forms of money.
Read more: http://voiceofrussia.com/news/2013_08_09/Bitcoin-to-be-declared-a-real-currency-3279/
Read more: http://voiceofrussia.com/news/2013_08_09/Bitcoin-to-be-declared-a-real-currency-3279/
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