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Elections Canada Consults on Crypto Donations

Elections Canada Consults on Crypto Donations

According to Elections Canada, the organization that oversees the federal elections in Canada, there is a growing interest in cryptocurrency donations – and this seems to be a growing interest at that. Some political parties are now interested in having a ruling on how to move forward with this issue. The point would be first, how to report the donations in the various reporting systems to ensure that everyone follows the rules.

Note this article is built on the piece done by Jessie Williams from Bitcoin Magazine – 23, January, 2019. Her work is interesting.

Note that there are three federal byelections called for by February 25, 2019 to fill vacant seats, including one of the party leaders. There will be a full federal election planned for October 21, 2019. One interesting point made was Elections Canada has left the question of cryptocurrencies being a monetary or non-monetary classification, open for now. Despite the current definition of money for some experts are now suggesting that it should be called a non-currency or a non-fiat currency. There are several views on this subject. 

It is clear that in the US, there are states that treat cryptocurrencies as a medium of exchange, a view that seems to be catching on. For Canada, the Elections Canada organization made it clear that it wants full transparency in any political donations over $20 worth of cryptocurrencies to a campaign.

Look for more articles and discussions regarding the use of cryptocurrencies in national or federal campaigns going forward. The number of people who use digital currencies is increasing so it makes sense that this topic will take up more space on the front pages of industry magazines.

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Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

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