FEC: Donors can't use Bitcoins for contributions

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By AP

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Updated: Thu, 21 Nov 2013 12:18:35 EST

WASHINGTON (AP) — The nation's election regulator says that groups can't receive contributions in the form of Bitcoins, at least for now.

The Federal Election Commission on Thursday passed on a request by the Conservative Action Fund to use the digital currency. It had asked the FEC whether it could accept Bitcoins, how it could spend them and how donors must report those contributions.

Bitcoin is a cybercurrency that is relatively anonymous and is created and exchanged independently of any government or bank. Some retailers accept it, and the currency can be converted into cash after being deposited into virtual wallets.

Bitcoins have gained increased attention from the U.S. government, particularly in how they should be regulated.

The FEC raised the possibility of reconsidering Bitcoin donations in the future.

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