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California to Allow Cryptocurrency Campaign Donations, if Immediately Converted to US Dollars

California to Allow Cryptocurrency Campaign Donations, if Immediately Converted to US Dollars

California was one of nine states that had prohibited cryptocurrency contributions.

By Gadgets 360 With Inputs From AP | Updated: 22 July 2022 12:21 IST

California to Allow Cryptocurrency Campaign Donations, if Immediately Converted to US Dollars

California had been one of nine states that prohibited cryptocurrency contributions

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Highlights

Candidates in California are allowed to accept cryptocurrency donations
California's new rules will take effect within 60 days
Cryptocurrency transactions are recorded digitally

Candidates for state and local offices in California will soon be able to accept cryptocurrency campaign donations. The Fair Political Practices Commission voted Thursday to approve new rules allowing the donations for digital currencies such as Bitcoin. The new rules say candidates can accept cryptocurrency donations if they immediately convert the digital currency into US dollars. They must also use a registered cryptocurrency processor to handle the transaction that will collect the name, address, occupation and employer of each contributor.

Cryptocurrencies don't rely on banks. Instead, transactions are recorded digitally through blockchain technology.

California's new rules will take effect within 60 days. California had been one of nine states that prohibited cryptocurrency contributions. Twelve states, plus Washington D.C., allow cryptocurrency contributions in some form, according to a commission staff report.

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Candidates running for federal office are already allowed to accept cryptocurrency donations.

Back in May, the Wikimedia Foundation, announced that it will no longer accept cryptocurrency donations and closed its BitPay account. The revelation came after the organisation that develops the world's biggest encyclopedia platform, Wikipedia, had a three-month long discussion with 400 local community members after longtime Wikipedia publisher Molly White proposed a vote on whether crypto donations should be allowed by the organisation. More than 70 percent of participants in the vote agreed to discontinue all form of donations in cryptocurrency.

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The Wikimedia Foundation began accepting Bitcoin in 2014, when it reasoned that adding Bitcoin as a donation option would help make contributing to the Wikimedia Foundation “as simple and inclusive as possible.” The foundation initially worked with Coinbase to accept Bitcoin donations before switching to BitPay to facilitate donations in additional cryptocurrencies.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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