Bitcoin News Is Not For Sale

Please don’t skip this message — it only takes a few minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent media that is bitcoin-only is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 won’t break you, we hope.

To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send a Sats as a tip to a writer. Each and every one of our writers has an active tipping widget.

  • Join our campaign on geyser.fund. Awesome perks are waiting for you such as the Bukele Blend Coffee.
 

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.

Funding Progress

Canada Debates Crypto Campaign Donations as Elections Loom

written by

Canada Debates Crypto Campaign Donations as Elections Loom

Support free journalists: > send a tip

With the Canadian General Election scheduled for later this year, Elections Canada, the body responsible for overseeing federal political fundraising, is polling the relevant parties on the question of whether campaign contributions could be allowed in Bitcoin or other cryptocurrencies.

Elections Canada have posted online that “with interest in cryptocurrency on the rise, political entities have requested guidance on accepting contributions and conducting other transactions in Bitcoin or altcoins”. This indicates that a change in the way donations are normally conducted may well be on the agenda, given the rise in Bitcoin’s popularity in the country.

With the relevant political parties being asked to forward their view before 21 January, there is time left. Elections Canada terms cryptocurrency donations as non-monetary, in-kind contributions, claiming:

“Like money, they can be used to make purchases from businesses that choose to accept them. But unlike money, they cannot be placed directly into a bank account. Instead, cryptocurrencies can be sold for traditional currencies that can be placed into a bank account.”

This, according to Elections Canada, puts cryptocurrencies more on a par with stocks and bonds which the body regards as “a form of property”, thereby making them a non-monetary contribution.

For its part, the draft note provided by the body takes the position that cryptocurrency donations are non-monetary, in-kind contributions. It points out this correlation to other authorities such as Elections BC (British Columbia) and the US Federal Election Commission, as well as the Canada Revenue Agency.

This would mean that such offerings would be acceptable providing that cryptocurrency donations follow the same guidelines as set for other non-monetary contributions, exempting them from tax receipts.

Currently, none of Canada‘s major political parties currently offers the option for crypto donations and to date, no party has responded to the Elections Canada request.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement

Join our Newsletter

   Advertisement

Latest on Bitcoin News

Video of the Week

Join our Newsletter

   Advertisement