By CCN Markets: Presidential hopeful Bernie Sanders has reportedly called for a full-blown “political revolution” to fix the U.S. economy. Meanwhile, popular metrics such as the stock market and GDP point to economic vigor. In fact, since the Great Recession was over a decade ago, the economy has been expanding for the longest stretch in history. Bernie Sanders Calls for a ‘Political Revolution’ Bernie Sanders appeared on Fox News Sunday to give his opinion on directing the future of the U.S. economy. In an accompanying article, Fox labeled his rhetoric as “democratic socialism,” particularly when Sanders told the host, Chris
Bitcoin Core wants to distance itself politically from the former project leader Gavin Andresen, the payment protocol BIP070 he was involved with, and from the BCH-friendly Bitpay payment processor company. The attempts to remove software associated with Gavin Andresen are now having real-world effects on the security of bitcoin payments.
Bitpay Forced to Remove BIP070
Bitpay keeps getting criticized for implementing a payment protocol requirement for wallet apps looking to send money to a Bitpay BTC or BCH address. Bitpay quite suddenly implemented the requirement without much debate and no public negotiations with other community members.
The political tension in Venezuela has affected local cryptocurrency adoption. While there are roadblocks, many crypto-advocating projects continue to thrive in the country. News.Bitcoin.com takes a deep look at the current situation in Venezuela, crypto adoption efforts and how the recent political crisis affects them.
According to Elections Canada, the agency that runs federal elections in Canada, there has been “a growing interest” in cryptocurrency donations. This trend has prompted some political parties to ask for a ruling on how best to manage bitcoin and other cryptocurrency political donations and how to navigate the various reporting systems required by both Elections Canada and the parties so that they comply with the Canada Elections Act.
Election season is just beginning in Canada. There are three federal by-elections called for February 25, 2019; these will fill vacant seats, including a seat for one of the party leaders. A full federal election will be called before October 21, 2019.
In recent regulatory news, the U.S. deputy attorney general has called for international cooperation on cryptocurrency regulation. Separately, the U.S. Federal Election Commission (FEC) has prepared a draft advisory that could allow political donations in the form of mining power, while the Alabama Securities Commission has estimated that the state has brought forward 20 percent of all active cease-and-desist orders against crypto companies in the U.S.
The US Federal Election Commission (FEC) issued an advisory opinion that would allow individuals to contribute to political campaigns by donating their computer power to mine crypto for their favorite candidates. The decision comes as American politicians are gearing up for the 2020 US presidential election, which quietly kicked off after the November 2018 midterm
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Michigan’s campaign finance board has formally indicated that campaign donations made using cryptocurrency are not allowed in the state. In a November 8 letter addressed to Michigan state legislature candidate William Baker, who earlier made an inquiry on the issue before losing in the recent mid-term elections, the Michigan Department of State informed Baker that
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OsiaNetwork LLC has reached out to the Federal Election Committee (FEC) in the hopes that it will allow computer sharing for crypto mining for campaign donations. Osia says it would like to be the platform in which volunteers share their computer power to mine cryptocurrencies, which are then donated to political campaigns of their choice. At press time, the request is in a “public comments” stage.
Although Bitcoin is inherently neutral, its influence is becoming increasingly pervasive in U.S. political spheres. This phenomenon is triggering researchers to try to identify the dominant political ideology of the cryptocurrency community.
What is the Prevalent Political Ideology of the Crypto Community?
Bitcoin’s neutral and democratic nature is one of its primary virtues. As such, Bitcoin does not belong to any political group — nor any other type of group. Nevertheless, some observers, such as Professor Harold James, consider it a threat “not just to the international financial system, but also to political order.”
In The Daily on Saturday, crypto exchange Coinbase has formed a political action committee to raise funds for US elections. Also, Ernst & Young has announced the acquisition of crypto technology and patents, and Indonesian crypto POS terminal maker Pundi X is looking to expand in South Korea with a new partnership.
Coinbase to Raise Money for Elections
California-based crypto exchange Coinbase has formed a political action committee in order to raise money that can be spent on US elections, Reuters reported quoting the company. The filing was announced on Friday, July 20. According to the report, the political action committee has not raised any funds yet.
Bitcoin’s popularity is soaring in South Africa where it is being viewed as a safe-haven from increasing political and economic uncertainty.
South Africa: Economic Uncertainty Boosts Bitcoin
The issue of land reform in South Africa has become a source of concern following the election of new president Cyril Ramaphosa last month. It remains a highly-politicized topic along racial lines even after twenty years after apartheid ended.
Now Ramaphosa’s party, the ruling African National Congress (ANC), has vowed to change the constitution, allowing white-owned property to be taken without compensation and redistributed to blacks who do not own any farmland.
Coalichain, a decentralized political platform that connects citizens to their leaders and governments, has announced its crowdsale for the ZUZ token. Coalichain offers a transparent and decentralized alternative to the current democratic system through the use of Web 3.0 features and blockchain technology. It has gained the interest of influential leaders and political parties in countries including Estonia, France, Switzerland and Australia, and will soon release the beta version of its mobile app.
As cryptocurrency becomes more accepted, more and more political campaigns are happy to accept Bitcoin donations to fuel their run for office.
They say that politics make strange bedfellows. However, one thing in politics is easily understood by every politician and political party: money. While it’s nice to dream that good intentions and the desire to do public service are the driving forces behind politics, the reality is that it’s money, and lots of it. Now it seems that another player is entering the political arena to join fiat currency and credit cards: cryptocurrency. Political Bitcoin donations are becoming increasingly more common as prospective lawmakers want a piece of that virtual currency pie.
Popular petitions are an important part of the political process in Brazil, but current methodology makes them almost impossible to use. Now the country is turning to the Ethereum blockchain for a solution.
In many political systems, the voice of the people is often not heard. To combat such a situation, Brazil has an intriguing mechanism embedded within its constitution: popular petitions. Successful popular petitions must be heard within the country’s legislature, but there are some significant hurdles lying in wait for activists who wish to use them. However, Brazil is turning to the power of the Ethereum blockchain to make signing and verifying popular petitions so much easier.