08 Nov '13, 12am

The FEC is poised to allow Bitcoin campaign contributions, @ByronTau reports:

Political campaigns will be allowed to accept — but not spend — the digital currency Bitcoin, under a proposed federal rule released Thursday. The Federal Election Commission draft would require campaigns to first convert any Bitcoins collected as donation to dollars. Continue Reading Text Size - + reset According to the proposal, the currency will count as an “in-kind” contribution to a campaign — like a stock or bond. The FEC will not consider them currency. “Because Bitcoins are neither the currency of any country nor negotiable instruments, Bitcoins are not ‘money’ under commission regulations,” the committee concludes. “Therefore, a political committee that receives Bitcoin contributions may not treat them as monetary contributions.” Bitcoin and other digital currencies are attractive to many because they allow for anonymous, encrypted digital transactions. But concer...

Full article: http://www.politico.com/story/2013/11/bitcoin-campaign-do...

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