California Politicians Can Start Accepting Cryptocurrency
Sacramento, CA — The state of California’s Fair Political Practices Commission voted Thursday to start allowing candidates for local and state offices to accept donations of cryptocurrencies like Bitcoin.
Candidates must immediately convert the digital currencies into US dollars, and cannot hold onto it like an investment. The donations must also use a registered cryptocurrency processor that will collect the name and information of the donor.
California had previously not allowed cryptocurrency donations to candidates as they do not rely on banks, and instead are recorded digitally through blockchain technology.
Candidates for federal office, like US Senate, Congress and President, are already allowed to accept cryptocurrency donations. California’s new rules take effect in 60 days.