Sunday, May 20, 2018

Who would have thought? Politicians voting to allow cryptocurrencies to fund their political campaigns

When it comes to doing what's right, or doing what benefits them, politicians will nearly always side on the best result which will add money to their political coffers.  And when decisions they make happen to be both right for the people and profitable for themselves, it is not often their intention but rather simply a coincidence of fate.

With this in mind, we need to then look at the underlying motives for a new proposal introduced by the Secretary of State of Colorado which would allow Bitcoin and other cryptocurrencies to be used in funding political campaigns.

Graphic courtesy of BTC Manager
Political candidates in Colorado could soon accept Bitcoin or other digital currencies for their campaigns, according to reports by the Denver Post on May 17.
Secretary of State Wayne Williams made the proposal for allowing donations of cryptocurrencies in political campaigns in draft rules presented on May 16, the Denver Post reports. 
The US Federal Election Commission (FEC) has already approved the acceptance of Bitcoin as in-kind donations for political campaigns, which gives the campaign 10 days to transfer the donated cryptocurrency into their campaign’s official depository.
Colorado would not be the first U.S. state to allow donations to political campaigns in cryptocurrency — the first being New Hampshire, which began allowing candidates to accept contributions in cryptocurrency in 2014. – Coin Telegraph
To date, states are allowing cryptocurrencies to be used to pay taxes, and now to also fund political campaigns.  And is it ironic that there is little support by politicians to expand their use in other areas of commerce, but simply to allow them to be spent in areas that benefit them and not the people?

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