Pirate Party Can Collect Political Donations in Bitcoin, Govt Says

[Ernesto]

Bitcoin has a new outlet for those who invest in the increasingly infamous cryptocurrency – a Pirate Party.

The Massachusetts Pirate Party – one of the few that has managed to negotiate the US’s labyrinthine laws to become registered – is allowed to collect Bitcoin donations.

A few days ago the Pirates received a response back from the Director of the Massachusetts Office of Campaign and Political Finance (OCPF).

“A political committee can accept contributions in Bitcoins,” it said, marking a strong positive for the use of the cryptocurrency. However, the Bitcoin blessing is not without its share of restrictions.

As with any other donation, Bitcoins can only come from a US citizen or permanent resident and there is an annual limit of $500 per person.

In addition, within five days the Bitcoins have to be converted into US dollars “through a high-volume public Bitcoin exchange open to transactions in the US.”

Another restriction is that the Pirate Party cannot spend the Bitcoins themselves. In this, it’s considered no different from stocks and shares.

Perhaps less favored by potential Bitcoin donors is the requirement to have an accurate name and residential address for every donation. This is somewhat of a blow for its advocates, but standard procedure for political contributions.

Now that the approval is in, the Massachusetts Pirate Party aim to be ready to accept donations in Bitcoin within the next two weeks.



Source: TorrentFreak, for the latest info on copyright, file-sharing and VPN services.

source