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Abbott Campaign Accepting Bitcoin Contributions

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A pile of Bitcoins are shown here after Software engineer Mike Caldwell minted them in his shop on April 26, 2013 in Sandy, Utah. Bitcoin is an experimental digital currency used over the Internet that is gaining in popularity worldwide. (Photo by George Frey/Getty Images)

A pile of Bitcoins are shown here after Software engineer Mike Caldwell minted them in his shop on April 26, 2013 in Sandy, Utah. Bitcoin is an experimental digital currency used over the Internet that is gaining in popularity worldwide. (Photo by George Frey/Getty Images)

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AUSTIN, Texas (AP) – Texas Attorney General Greg Abbott’s campaign for governor says it will accept contributions made with the bitcoin virtual currency.

Abbott on Thursday called bitcoins, a decentralized digital currency, symbolic of free-market principles.

The Republican’s campaign said it would accept bitcoin as in-kind contributions. Like traditional contributions, bitcoin donors will be required to submit names, addresses, employer and occupation. All bitcoin contributions will be reported on campaign finance reports.

Bitcoins were created in 2009 by a mysterious figure or group known as Satoshi Nakamoto and are used for transactions across borders without third parties such as banks. They have also become an investment craze.

The Internal Revenue Service issued guidance last month concluding that bitcoins can only be taxed as property and are not legal tender.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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