The US state of California will soon allow candidates to receive donations in cryptocurrency for campaigning for elections. The Fair Political Practices Commission has approved new rules allowing donations in cryptocurrencies such as bitcoin. The rules state that candidates can take donations in cryptocurrencies if they convert it into dollars immediately.
A registered candidate for such transaction cryptocurrency A processor will have to be used that will collect the name, address, occupation and information of the employer of the donor. Transactions involving cryptocurrencies do not require banks and are recorded digitally through blockchain technology. In California, the new rules will be implemented in 60 days. Earlier, California was one of the nine US states that banned donations in cryptocurrencies. However, 12 states, including Washington, have allowed donations to be accepted in cryptocurrencies.
The Wikimedia Foundation, which runs the encyclopedia site Wikipedia, recently announced it would stop accepting donations in cryptocurrencies and closed its BitPay account. The Wikimedia Foundation discussed for three months with local community members how crypto had donations should be accepted or not. In the voting that followed, more than 70 percent of the members voted in favor of discontinuing donations in crypto.
The Wikimedia Foundation reported, “It has been decided to stop accepting cryptocurrencies as a means of donations. We started accepting cryptocurrencies a few years ago following requests from our volunteers and donation communities. We are taking this decision based on the recent feedback received from the communities.” The foundation initially tied-up with Coinbase to accept Bitcoin and later began using BitPay to receive donations in other cryptocurrencies. At the debate on crypto donations earlier this year, Wikipedia publisher Molly White reported that around 400 community members have taken part, but it appears that many of them have only taken part in the debate and called the foundation against crypto. To create an account.