Pirate Party to Collect Donations in BitcoinAdded: Sunday, February 16th, 2014
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, , Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
The Massachusetts Office of Campaign and Political Finance recently provided a response to an inquiry from the local Pirate Party, where it says that political parties are allowed to accept donations in Bitcoin.
This approval was welcomed by many Bitcoin supporters, but it came with strict guidelines.
So, it seems that Bitcoin has a new outlet for people who prefer to invest in the increasingly infamous cryptocurrency – a Pirate Party.
The Massachusetts Pirate Party is known as one of the few which has managed to negotiate the American complicated laws to get registered and is now allowed to collect Bitcoin donations.
It was several days ago that the Pirate Party received a response back from the Director of the Massachusetts Office of Campaign and Political Finance, which stated that a political committee was officially allowed to accept contributions in Bitcoins.
This statement marks a strong positive for the use of the innovative cryptocurrency. However, as it usually happens, the Bitcoin blessing wasn’t without its share of restrictions.
Like any other donations, contributions in Bitcoins can only originate from an American citizen or permanent resident.
There is also an annual limit of $500 per individual. Moreover, within 5 days upon receipt the Bitcoins are required to be converted into US dollars “via a high-volume public Bitcoin exchange open to transactions in the United States”.
One more restriction made by the authority was that the Pirate Party is not allowed to spend the Bitcoins themselves.
In other words, Bitcoins are considered no different from stocks and shares. Probably less favored by potential Bitcoin donors appeared to be the requirement to have an accurate name and residential address for every single contribution.
That’s a kind of a blow for its advocates, while it’s a standard procedure for political contributions.
After receiving the approval, the Massachusetts Pirate Party is going to be ready to accept donations in Bitcoin within the next few days. So, if you are willing to contribute – go on!
Thanks to TorrentFreak for providing the source of the article.
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Sunday, February 16th, 2014
|Give till it hurts!!!|
|The UK party is. It already confirmed that it could accept cryptocurrency a whole ago and is working on an implementation that makes sense and that meets the rules required (the same rules that apply to cash donations).||
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