A new study by a blockchain oriented research firm Clovr showed that there is almost 60 percent of respondents thinks it is necessary to treat cryptocurrency like fiat currency in political election.
During the research, Clovr finds out that 1,023 eligible voters are generally registered in the U.S. and conduct a survey on them for their understanding of what impact virtual currency could exert on the political process.
According to the survey, there is almost 60 percent of the voters usually surveyed and give an answer that the crypto and the U.S. dollar should be treated the same while only 21 percent of the respondents said opposite to it.
“60 percent of eligible voters believed that it should be legal to donate cryptocurrency in a federal election under the same rules that apply to donations in U.S. dollars.”
Almost 23 percent of respondents express their concern about it while 73 percent of respondents were aware of digital currencies believed that the security was not an issue for political donations.
63 percent of the voters also identified as the Republicans who assume that crypto was secure enough to be deployed for the political purpose and 52 percent of the Democrats suggest the name. Only 45 percent of independent voters are reportedly comfortable with the donations in crypto, in regards to the voters.
Regarding concerns over whether crypto in political campaigns would generally increase the foreign interference at the time of U.S. election and among all of the 60 percent answered in the affirmative and wherein the Democrats also showed more concern about the other groups.
Per the survey, usually, 25 percent of the participants also stated that they would likely to be more to make a contribution to political campaigns if the crypto donations were an option. Generally, more than 20 percent of the Republicans offer their wish to contribute a more substantial amount of crypto if it was an option. 12 percent of Independent and 16 percent of Democrats stated the same, respectively.
Some of the Republicans also said that the crypto was stable enough when asked about the financial stability issue with crypto in politics while it is also stated that there are Democrats and Independent came in at 40 and 35 percent respectively.
Over 60 percent of respondents express their concern about crypto donation over a politician and party misuse. As per the survey, there is 62 percent of respondents also thinks that the U.S. political system can use the crypto donation illegally. On this issue, the 62 percent of Republicans, 61 percent of Democrats and 64 percent of Independents, all three groups showed similar result.
Last year, the Campaign Finance Task Force issued a report dubbed “Public attitude campaign finance” and devoted the role of money in the political system. A survey also found that “nearly 90% of respondents answered less than three of five factual question correctly.” In other words, the statistics also show that the average spending was $785,000.