Blockchain and cryptocurrency as a new trend in politics | FFC Media
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Blockchain and cryptocurrency as a new trend in politics

Blockchain and cryptocurrency used to cause a negative reaction from politicians. Politicians would make statements about the risks of cryptocurrency, about the imperfection of technology, and about the necessity of banning it. Over the past year, the situation has softened, and many politicians have begun to address the topic of blockchain and cryptocurrency.

Fact 1. Blockchain supporters get voters’ approval.

Americans support politicians who are related to the cryptosphere. During the U.S. 2018 midterm elections, five states opted for governors who support blockchain and plan to carry out reforms related to this technology. New Colorado Governor Jared Polis proposes to integrate blockchain into state affairs, and Wyoming Governor Mark Gordon plans to improve the business climate for blockchain projects.

George Galloway, the leader of the Respect party who is widely supported in the UK, has repeatedly spoken out about the benefits of the blockchain and has introduced a project to run London’s budget on a blockchain platform.

Fact 2. Crypto enthusiasts join politics.

John McAfee, a bitcoin evangelist and the founder of McAfee Associates, decided to participate in the U.S. presidential race in 2020. By this time, he also predicts the Bitcoin price to reach 1 million dollars. What is it if not an election promise?

American lawyer Matthew Whitaker back in 2012 and 2013 spoke favorably of Bitcoin. Since then, he has made an amazing political career, becoming the U.S. Attorney General in 2018.

Fact 3. Politicians accept donations in cryptocurrency.

A recent survey by blockchain‐oriented research firm Clovr showed that 60% of voters would not mind using cryptocurrency for political campaign donations. During the U.S. 2018 midterm elections Gavin Newsom’s governor campaign was sponsored by the Winklevoss brothers, the first known bitcoin billionaires. Also, the candidate accepted donations in BTC and BCH on his BitPay page.

In Taiwan, for the first time bitcoin has been donated to an election campaign. Hsiao Hsin‐chen, a candidate for deputy of the Taipei City Council, became the recipient of the fee. Hsin‐chen said that donations in cryptocurrency would help make Taiwan’s political system more transparent and understandable — all thanks to the blockchain.

Fact 4. Blockchain is applied in elections.

In West Virginia, the blockchain helped to solve the problem with the absentee voting. Nearly 140 Americans living abroad in 29 countries were able to participate in the midterm elections thanks to the Voatz platform. Maurice Turner, an election security expert at the Center for Democracy and Technology, is convinced that this method is more reliable than submitting absentee ballots by e‐mail.

Earlier, in October, the Brazilian Fintech Association successfully conducted the board elections with the help of ETC and the OriginalMy blockchain platform. Foxbit’s top manager Ingrid Barth is confident that the election based on the blockchain can be a benchmark for all electoral processes.

Our prediction

The cryptosphere will find increasing approval within the political circles.

Voters will be willing to support candidates who raise the topic of blockchain and cryptocurrency, and not only with fiat currency. In the future, blockchain technologies will be widely adapted in political processes, and politicians will rely more often on cryptocurrency to finance election campaigns.

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