You Can Now Donate Bitcoin For Political Campaigns In California
You Can Now Donate Bitcoin For Political Campaigns In California. The recent news stated that political campaigns take donations through digital currencies. On Thursday, The Fair Political Practices Commission approved the use of cryptocurrencies.
The Rules for Donations in Political Campaigns
The use of Bitcoin in the campaign is exciting news. It follows the trend of using cryptocurrency to donate or make transactions. Not only in business, but politicians also have entered the industry. However, there are some rules for politicians to avoid any rule violations.
As soon as the donations came, the candidates must change the digital currencies, such as Bitcoin, to US Dollars. Candidates need to use an official or registered processor that records names, addresses, and occupations.
💥JUST IN: California to allow #Bitcoin donations to state and local candidates. 🙌
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) July 22, 2022
Previous Situation in California for Political Campaigns
In 60 days, local candidates can apply this new movement. Previously, California was one of the nine states in the US that did not accept crypto distributions. Twelve other states, plus Washington DC, allow donations in cryptocurrencies based on the circumstances.
To add the information, California banned any cryptocurrencies for political campaigns in 2018. After a long battle, the committee revisited the ban. As candidates for federal offices, they have been taking digital currencies for donations since 2014.
The new movements of using cryptocurrencies always take the community’s interest. It broadens the scope of crypto to make better technology systems. Now people and countries are using cryptocurrencies for donations as well. News like this makes people more hopeful in the middle of ups and downs in the crypto market.
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