CRYPTOCURRENCY CAN NOW BE USED IN CAMPAIGN DONATIONS!
California state and local election candidates will soon be permitted to accept cryptocurrency contributions for their campaigns. On Thursday, the Fair Political Practices Commission approved new regulations allowing donations in virtual currencies like Bitcoin. According to the new rules, politicians from California are entitled to receive bitcoin donations as long as they convert them immediately into U.S. dollars. Candidates must conduct the transaction that will gather each donation’s name, address, occupation, and employer via a registered cryptocurrency processor.
Bitcoins are independent of banks. Instead, blockchain technology is used to record transactions digitally. Within 60 days, California’s new regulations will go into force. California was one of the nine states that forbade the donation of cryptocurrencies. However, according to a commission staff analysis, bitcoin contributions are accepted in some form in 12 states plus Washington, D.C.
Candidates running for federal office are already allowed to accept cryptocurrency donations.