Colorado Secretary of State Wayne Williams has released a proposal to officially allow, and provide guidelines for candidates to receive political donations in cryptocurrencies - something that has fallen under a 'grey area' until now.

As stated in the draft proposal:

"A COMMITTEE MAY ACCEPT CONTRIBUTIONS IN CRYPTOCURRENCY, UP TO THE ACCEPTABLE LIMIT FOR A CASH OR COIN CONTRIBUTION. THE AMOUNT OF THE CONTRIBUTION IS THE VALUE OF THE CRYPTOCURRENCY AT THE TIME OF THE CONTRIBUTION. THE COMMITTEE MUST REPORT ANY GAIN OR LOSS AFTER THE CONTRIBUTION AS OTHER INCOME OR RECEIPTS."

Also worth noting - cryptocurrency isn't new to Colorado politicians. Jared Polis claims to have been the first politician to receive a cryptocurrency donation, when he received $2,000 in Bitcoin for his 2014 congressional election, he's currently running for Governor of the state.

If this turns out to be a successful method to raise funds - trust me, politicians everywhere will be jumping on board.

The full draft proposal can be viewed here.