Wednesday, Jul 30, 2014Wednesday, Jul 30, 2014
World
 

US election panel approves bitcoin donations to political committees

Published on May 9, 2014 10:04 AM
 
The US Federal Election Committee has said that the virtual currency, bitcoin, could be used for donations to political action committees under certain conditions. -- PHOTO: REUTERS

WASHINGTON (REUTERS) - The US Federal Election Committee has said that the virtual currency, bitcoin, could be used for donations to political action committees under certain conditions.

In a unanimous vote, the FEC, which enforces US campaign finance laws, said on Thursday that a political committee could accept donations in bitcoins up to an individual limit of US$100 (S$125) for each election cycle and could also purchase bitcoins.

But the advisory opinion, issued in response to a request for guidance by the Make Your Laws political action committee, said the committee "must sell the bitcoins it purchases and deposit the proceeds into its campaign depository before spending those funds."

The FEC did not approve the use of bitcoins to purchase campaign goods and services.

 
If you are not a subscriber, you can get instant, unlimited access here

Videos