Financing of a political campaign in the past brought a lot of controversy due to unclear lists of donators, especially in the field of presidential campaigns. Interesting way of solving this problem is with the inclusion of blockchain technology. The future of political campaign funding may change drastically with the use of bitcoin and other cryptocurrency donations. This idea does not exist only in theory, there are plans to adopt bitcoin and other altcoins donations as soon as the year 2020. In that year, new presidential elections in the U.S. will take place and one of the candidates, Chinese-American Andre Yang has revealed that people will be able to donate to his campaign by using cryptocurrency.
Cryptocurrencies to Reshape Political Campaign Funding
Yang’s campaign will accept Ethereum, Bitcoin and anything else that is on the ERC20 standard. There will be rules that donors will need to comply with in order to do the transaction. Every interested person will receive a form with which they can verify their voter qualifications, after that they will receive campaign’s cryptocurrency wallet and will be able to complete the donation.
Andre Yang is hoping to use everything the modern technology offers in order for his campaign to flourish. Apart from cryptocurrencies, he will also accept Venmo payments. On top of that, Yang's campaign will consist of the heavy use of Twitch and Instagram for broadcasting campaign's live events on the internet.
Bitcoin Use Already Was a Busy Topic for U.S. Politicians
This surely is not the first time that bitcoin use was brought up as a topic of political discussion in the U.S. TheTokener already reported on the idea of a former U.S. presidential candidate Ron Paul that Cryptocurrencies could replace US Dollar in the near future. One more crypto use was suggested when the officials of the Texas City of Lewisville shared their plans to release their own cryptocurrency in order to avoid the rise of local taxes. Also, Austin Petersen, Missouri Senate candidate has announced in September last year that his campaign will accept bitcoin donations.
These changes will certainly bring owners of cryptocurrency under the political spotlight. Future candidates might even consider them a completely separate target audience as the cryptocurrency donations might have a massive impact on the campaign financing. The consequence of this will be a bigger political influence for cryptocurrency holders, which will surely have a positive outcome for the crypto's public image.
All of this might just be a much-needed breakthrough of blockchain technology into politics through its most prominent representative, bitcoin. Politicians are starting to realize the potential of bitcoin and other altcoins in politics, but the main breakthrough will come after they realize the potential of the blockchain system in itself in politics. Decentralized distributed ledger could bring much-needed transparency and legitimacy to the world democracies. Because of this, utilizing the power of blockchain might be a major breakthrough for the society as a whole.
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