The state of Colorado is considering allowing political candidates to accept cryptocurrency for campaign contributions.
In 2014, the U.S. Federal Electoral Commission (FEC) began allowing candidates to accept digital currency donations, on the condition that the organizers transfer the funds received to their official accounts within 10 days.
The FEC equates donations in digital money to those in fiat currency. According to the agency, the value of each cryptocurrency donation should be calculated from the exchange rate at the time of its submission. Contributions that exceed established norms need to be refunded or returned.
According to the Denver Post, the Colorado authoritiesadhere to the FEC’s point of view. Payments in bitcoins and altcoins can be aconvenient way to support the right party or candidate.
Suzanne Staiert, Colorado’s Deputy Secretary of State, notes that the use of digital currencies could create accounting issues, complicating political campaigns.
“It’s going to be an accounting problem, potentially, for campaigns that want to use it,” Staiert said.
Staiert also added that the FEC is working on this issue, so the state wants to join in on the innovation as early as possible. “The FEC is doing it now,” Staiert detailed. “So we are just going along for the ride.”
On May 7, the Colorado State Senate passed a bill supporting the use of blockchain technology in the work of the state government and cybersecurity.
By Ekaterina Ulyanova