Colorado Considering Bitcoin Donations For Political Candidates
Bitcoin donations for political candidates is coming in the near future, thanks to CO. Secretary of State Wayne Williams.
ModernTender had the privilege of listening to Wayne’s thoughts and ideas on allowing campaign contributions in the form of Bitcoin and other cryptocurrencies.
All donations — whether in bitcoin or other digital assets – will fall under the existing state guidelines and limits for cash donations. Were the subject becomes tricky is how Bitcoin donations will be valued. Currently, the idea is to allow campaign contributors to specify the value of their donation on the day the contribution is made. The issue here is any gains or losses in value will not be considered when ensuring candidates do not exceed state donation limits. Algorithms or pieces of computer language can be written to auto-sell donations from a users wallet immediately exchanging Bitcoin to U.S. Dollars making the tracking of campaign donation values simplistic and seamless. There are other ways to manage these transactions, let us know your thoughts?
Secretary of State Wayne Williams made the proposal in draft rules presented this week.