Bitcoin

FEC Won't Allow Bitcoins for Donations

Request by the Conservative Action Fund whether they could accept them

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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.