Bitcoin Fans to Be Able to Donate to Political Campaigns Soon using the Virtual Currency

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Bitcoin Fans to Be Able to Donate to Political Campaigns Soon using the Virtual CurrencyBitcoin fans will be able to make their political stand known as plans to allow it to be used as a donation in political campaigns gather support.

The Federal Election Commission is expected to review the proposal that will allow bitcoin devotees to contribute political donations in bitcoin in the looming mid-term elections. This shows increasing acceptance of the virtual currency as more individuals and businesses start using it for transactions instead of credit cards.

Should it go through, this would be a marked reversal from last fall’s result, which saw the elections panel decline the request. Presently, since there is no law that bars bitcoin donations, some political groups and candidates are already accepting bitcoin. Libertarian Party’s Executive Director Wes Benedict revealed that it receives bitcoin donations worth $10,000 to $20,000 every year, which is still a drop in ocean compared to the $1 million it collects each year.

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“Libertarians are a little more interested in currencies than the average person out there, so we try to comply with requests to contribute in Bitcoin,” Benedict told CNN. “We’re watching for an update to the ruling,” he said.

Texas Attorney General Greg Abbott, a gubernatorial aspirant in the state, also announced last week that bitcoin donations are welcome.

Bitcoin’s popularity has been fuelled by the fact that the currency offers the user anonymity. However, it has come under close scrutiny after Attorney General Eric Holder said early this month that virtual currencies are challenging law enforcers as they can be used to commit crimes such as money laundering and sale of illegal drugs. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com