Confirmed the newspaper "The Denver Post" The Secretary of State Wayne Williams, has submitted a proposal to allow donations in the form of digital currencies for political campaigns, the Denver Post reported
The Federal Election Commission (FEC) agreed to accept Bitcoin as a donation to the political campaign, which gives the campaign 10 days to transfer donated digital currency to the official deposit of its campaign.
Donations will be handled in digital currencies as cash donations, with the value determined at the time of donation. According to the Denver Post, Colorado is likely to follow the Federal Election Commission's digital currency classification as an in-kind donation, which will return contributions them to donors if the value of the digital currency exceeds the total value limit.
While such donations may be appropriate for the donor, Suzanne Staiert, the deputy secretary of state in Colorado, said, "It will be an Accounting problem, probably for the campaigns you want to use." Still, Staiert added, "The Federal Election Commission is doing so now, so we are on the right track.
Colorado will not be the first state in the United States to allow donations for political campaigns in the form of digital currencies - the first being New Hampshire, which began to allow candidates to accept contributions in the form of digital currencies in 2014.
Earlier this month, Cointelegraph said a part of state legislation had been voted on to develop guidelines for determining digital currency holdings in the Colorado Senate, while some saw it as a blow to innovate Blockchain in the state.