FLORIDA LAW ADDING VIRTUAL CURRENCY TO MONEY LAUNDERING LAW GOES TO GOVERNOR FOR SIGNATURE

The Florida Legislature has passed a bill that adds virtual currency to the definition of "monetary instruments," for the purpose of the state's Money Laundering Act. Both the Senate and the House passed the law, and it has gone to the Governor for his signature, which is expected.

Florida prosecutors have had Bitcoin cases dismissed, as that medium is not backed by any government authority. The new law, when passed, will add any medium of exchange, or digital format, that is not a coin or currency of the United States, or any other country.