California Ban Bitcoin Political Donation

According to the Associated Press reported Thursday, California political oversight body to enact new rules, candidates for public office in the state will not receive encrypted monetary contributions.

According to reports, the California Fair Political Practice Committee (FPPC) voted for a 3-1 ban on political contributions to cryptocurrencies on Thursday, citing the difficulty of tracking the sources of such donations and concerns about political transparency.

The decision was made after a hearing in August, and the FPPC discussed several election issues, including whether encryption political contributions should be allowed. The committee did not reach a conclusion at the time and it took longer to fully understand the issue.

Some of the commissioners at the hearing opposed a total ban, but others raised the question of verifying the difficulty of the source of virtual currency donations.

According to CoinDesk, an FPPC representative said on Friday that further debates and analysis on this issue will continue in the future and point out:

“The staff conducted extensive research, the opinions of stakeholders were publicly displayed on our website, and the committee also held an open debate. This is the final decision we made, as many, if not all, members publicly stated. That way, there will be further debate and analysis in the future.”

Currently, the US Federal Election Commission allows candidates to accept cryptocurrencies such as Bitcoin as in-kind donations, a ruling made in 2014.

South Carolina also took a similar position to California and completely banned bitcoin donations. Colorado allows for the donation of encrypted funds but limits the amount of donations.

This article is writing on 21 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258
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