Fans of the popular Bitcoin currency may now be able to use it fund or sponsor political parties and their campaigns. The Federal Election Commission is expected to entertain a request that permits Bitcoin holders to provide donations and contributions to political parties for the mid-term elections. The news is particularly promising for individuals who are strong advocates of the digital currency.

A number of businesses, corporations and individuals have already embraced the currency as acceptable payment for services or products. Over the last few years, Bitcoins have been popularized as an effective alternative to the credit card. Despite the fact the Federal Election Commission failed to make a favourable decision last year, regarding the same matter, there is still significant optimism among Bitcoin enthusiasts.

Bitcoin

The request was filed by a company known as Make Your Lawns. Make Your Laws is a non-partisan organization with the objective of leveraging technology in ways that allow increased interactivity between political parties and the average individual. Currently, there is no law that explicitly states that Bitcoin cannot be used as a currency for transactions between individuals and politcal parties.

Greg Abbott, the Texas Attorney General has already advocated in favour of the ruling, stating that he will be willing to accept donations in the digital currency. Moreover, between $10,000 and $ 20,000 is collected by the Libertarian Party in Bitcoin annually.

However, the political landscape around Bitcoin is still quite tense, with many lawmakers and politicians stating that digital currency may be used to disguise illegal transactions. One notable example that many Bitcoin detractors use is that of the black market, Silk Road was shut down by the Federal Bureau of Investigation last year. Nevertheless, this has still not stopped numerous Governmental agencies from developing techniques to regulate the currency.

Leave a Reply

Your email address will not be published.