Bitcoin OK for politics, with $100 limit

Panel approves Bitcoin for use in political contribution.

WASHINGTON (CNNMoney)

The 6-member panel voted unanimously to allow the contributions, a move that could open the floodgates for donors to make political contributions with the digital currency in the upcoming midterm elections.

The decision means that political groups or candidates can accept Bitcoin if they abide by the same guidelines that the political group Make Your Laws set forth when it asked for the commission's approval. Bitcoin political contributions would be clearly identified and limited.

Proponents say it's a sign of increased acceptance of the upstart currency, as more businesses and individuals are starting to embrace Bitcoin payments as an alternative to credit cards.

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"It's still a pretty good step, we'll be allowed to accept Bitcoin in the way we proposed," said Sai, who runs the political group Make Your Laws. "It's probably good for the Bitcoin economy as well."

Sai is his full legal name, and his Make Your Laws is a nonpartisan group. Its website says its aim is to use technology to give individuals a louder voice in elections and democracy.

The decision was monitored by the Bitcoin Foundation, a lobbying group that also asked the commission to approve the use of Bitcoin for political fundraising.

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Bitcoin OK for politics, with $100 limit