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Bitcoins Could Soon Be Used for Political Campaigns

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The Federal Election Commission is considering Bitcoin enthusiast as donors supporting political campaigns for the mid-term elections on November 04, 2014.

This is an indication that the online currency is slowly becoming widely acceptable that even the Federal government is open to use it as payments and alternatives to credit cards.

Bitcoin is an online currency where transactions can be done without having a central bank. This new currency was invented back in 2009 by a man known as Satoshi Nakamoto.

Bitcoin enthusiasts hopeful for approval

The Federal government’s consideration to allow Bitcoin as support for political campaign started when a request was sent to the Federal Election Commission last Wednesday.

Political group Make Your Laws organizer Sai is hopeful that the FEC will approve the use of Bitcoin for the upcoming mid-term elections this November.

Nonpartisan group Make Your Laws was the group that filed the request to FEC. This group is a website that aims to amplify the democratic voice of individuals for the elections through the use of technology.

FEC consider bitcoins

Candidates are accepting Bitcoin

There is a big possibility that the use of Bitcoin will really be approved for the coming election since there are no laws that prohibits this online currency yet. There are a lot of candidates that are actually already accepting Bitcoin.

One of the candidates running for governor is Texas Attorney General Greg Abbott who announced last week that he would accept Bitcoin donations.

Besides Abbott, the Libertarian Party is also already collecting Bitcoin donations every year amounting to $10,000 to $20,000. Libertatian Party Executive Director Wes Benedict said the Bitcoin donation they collect every year is just a small percentage of the money they were able to raise which already amounts to $1 million. Benedict said currencies are very important to Libertarians and they would try to comply with the request regarding the use of Bitcoin for the upcoming elections. Libertarians also have members that oppose the government regulations, which of course, includes currencies. Benedict said they are anticipating a ruling from the FEC on the matter.

Bitcoin is under scrutiny
According to Attorney General Eric Holder Bitcoin transactions can be used as cover up for illegal activities. Being under heavy scrutiny is one of the biggest challenges of using Bitcoin during the elections.

Bitcoin is becoming very popular in so many places because its transactions are done anonymously.

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