Elections Canada Issues a Draft Document to Accept Crypto Donations

A Canadian politics newsdesk, iPolitics, on January 9, 2019, reported that the Canadian Electoral Body, Elections Canada, is looking to implement crypto donations for upcoming elections.

According to the reports, the Electoral Body has issued a draft document laying the complete procedure for accepting cryptocurrency donations, along with finding the input of other parties about how can they handle such donations.

Both crypto and campaign contributions are some kind of slippery slope. In a few areas in the United States, they are completely banned or prohibited. Anyway, the United States neighbour from the north, Canada is playing with the idea of accepting crypto for donations in the forthcoming electoral race.

Reported by Elections Canada, the authority political fundraising body in the nation, on their site they expressed –

“With interest in cryptocurrency on the rise, political entities have requested guidance on accepting contributions and conducting other transactions in bitcoin or altcoins.”

Elections Canada created a draft document that breaks down how cryptocurrency transactions needs to be handled for now. Digital currency donations are classified as non-monetary and in-kind donations in the laid documents.

Virtual assets have both the characteristics, the one is of money and that of property as well, as laid out by the document. Similar to that of money, these digital assets can be purchased for goods & services, but different from fiat currency they just can’t be put into a bank account, without first exchanging them to fiat money. In return, this is what places them close to property standards.

However, there are a few certain things to remember.

The views of the laid out document by the Canadian Electoral Body are subject to change, since it is only a draft document.

Parties who have been contacted in regards to the matter have to submit their opinions as well as changes to the document until January 21st, 2019.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.