The invention of virtual currencies has brought in so many things, and much of that has helped in improving the whole industry. But in the state of Wisconsin, U.S, the senior Ethics officials are weighing some of the most important things to do with the virtual currencies.
They are not sure whether it would be a good idea to allow the use of Bitcoins in political campaigns.
Joining the Other States
The whole idea to allow the use of Bitcoin and other virtual currencies in political campaigns is not something new. Other states such as Washington D.C, Montana and even the federal government of US itself have, in the past, allowed the use of digital coins in campaign fundraisings.
Should Wisconsin state approve this new move; it will be joining the mentioned states.
No Immediate Decision Yet
During the hearing that took place on Tuesday, 24th April 2018, the Ethics Commission for the state of Wisconsin took time to debate on the entire issue. However, they failed to come to a concrete decision whether the move should be allowed.
This is according to a report that was published by WiscNews.
The current chairman of Wisconsin Libertarian Party, Phil Anderson appeared to be fully behind the whole idea of using Bitcoin and other currencies for the purposes of political campaigns.
Universally Accepted Currencies
According to Mr. Anderson, the virtual currencies have grown to become more and more universally accepted not only as value holders but also as currencies.
He even cited the fact that Chicago Board Options Exchange now provides a futures market that is entirely dedicated to the digital coins. It can also be remembered that there are other corporations, financial service providers, and governments that are currently thinking of how to address the issue of the virtual currencies.
Anonymity: The Greatest Concern of the Digital Currency
Even as a number of people at the summit supported the idea of having Bitcoin political donations, many thought that its anonymous nature might make the donations not easy to trace. This, as a result, might create certain violations in as far as the laws of campaign contributions are concerned. One commissioner, Pat Strachota appeared to be very crystal clear on this issue.
He argued that if those who donate the funds cannot be described faster and immediately, then he doesn’t think it would be the best thing to do now. Jimmy Anderson, the representative of the Wisconsin State also had something to add to the matter.
According to a tweet he made, Mr. Anderson thinks allowing the donations of digital currencies would be the most dangerous activity ever thought of. According to him, the whole idea of hiding the details of whoever making the payments would make the process one of the most serious ethical issues in this market and on the political arenas.
What Should be Done?
While responding to the issue, Mr. Anderson stated out that Wisconsin should just rely on the guidelines that are normally used by US Federal Elections Commission. This guideline normally requires that the Cryptocurrency be converted first to US Dollars before reported under the category of “in-kind” contribution like a gift.