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21 June 2011, 10:53

EFF stops taking Bitcoin donations

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EFF logo The Electronic Frontier Foundation (EFF) has announced that it is no longer taking donations in the form of the Bitcoin open source virtual currency and is placing current Bitcoin donations back into circulation through the Bitcoin faucet. Bitcoin has had a troubled past week, with an apparent theft, a trojan that targeted Bitcoin wallets and an attack on a Bitcoin exchange.

The EFF says that it is making the change for three reasons. Firstly, it is unsure about the "complex legal issues involved with creating a new currency system" and is worried that its accepting of Bitcoin donations may make it the subject in any legal proceedings. Secondly, it was "not comfortable spending the many Bitcoins we have accumulated" because of the legal issues connected with converting Bitcoins to cash, and the EFF did not want to mislead donors. Finally, the EFF did not endorse Bitcoin, but others were suggesting that its acceptance of donations was an endorsement. "We generally don't endorse any type of product or service – and Bitcoin is no exception" said the EFF statement.

The organisation said it appreciated the support from the Bitcoin community but, because of the issues outlined, it would no longer be spending or accepting Bitcoins. The EFF said it cannot close the account set up in its name and was placing the currently donated coins into circulation through the Bitcoin faucet because "returning the donations would be complex and difficult".


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