How do you get lawmakers to understand the concept of bitcoin and digital currency in the most effective way possible?
It’s a question that’s been answered by BitPay (a bitcoin digital payments processor) and CoinVox (a bitcoin services firm for political organizations).
The two companies have teamed together to offer an “all-in-one” solution for political candidates, political action committees and political organizations to easily accept bitcoin donations. The integration will effectively allow political groups to securely accept contributions/donations while remaining compliant with current campaign finance regulations.
“Some of BitPay’s first customers were political candidates and a national party,” said CoinVox CEO Christopher David. “With their extensive experience in dealing with political contributions, partnering with BitPay was the best option for CoinVox.”
BitPay says they have been working hard to ensure that any political organization accepting bitcoin donations will be in complete compliance with strict rules set forth in terms of campaign finance.
How the integration works
Making full use of the BitPay-CoinVox integration will allow said political organizations to create a button for use on the donation page.
That button will transfer the bitcoin donation received, along with the donor’s name, address, and email address (some information-gathering about donors is required as per regulations).
For the groups that wish to collect higher dollar amounts, the button can be programmed to collect additional personal information from the donor in order to remain compliant.
“Politicos benefit from joint teams who have expertise and understand the needs of candidates and campaign treasurers, as well as service partners, legal advisors, consulting and support as does CoinVox,” said BitPay head honcho Tony Gallippi.
The partnership will provide the political organization with a strong payments processor and access to bitcoin political consultants and compliance experts. Legal leadership is also being provided by the Perkins Coie law firm.
“A BitPay-CoinVox partnership is another step to give a voice to all people who want to support a cause, candidate, committee or party,” said newly-hired BitPay account manager and Bitcoin Foundation board member Elizabeth Ploshay. “Because the Bitcoin blockchain provides a transaction history, political Bitcoin donations bring greater transparency to the political process.”