Taiwan Records Its First Ever Crypto-Currency Political Donation
Hsiao Hsin-Chen, a Taipei-based politician, has accepted it’s first ever cryptocurrency donation, while running a campaign for a governmental position.
This is the first incident where an individual is accepting cryptocurrency. There have been instances of organizations who have accepted cryptocurrencies in the donation for a cause.
According to the report by Taiwan News, the local news outlet, Hsin-Chen is currently running a campaign for Taipei city council and set up his campaign to receive donations from anyone and everyone.
Taiwan’s government hasn’t yet formulated any cryptocurrency regulations but classes Bitcoin as non-cash political donations and prevents donors from giving more than US$325. The volatility of the crypto market, however, means that a donation of $325 on one day could be worth significantly more the next day.
Hsin-Chen remarked that by accepting cryptocurrencies backed by blockchain technology, it will be possible to mitigate corrupt and unfair practices of governmental officials with hidden malicious behavior.
Hsiao believes that Bitcoin promotion and adopting the use of digital currencies in political fundraising endeavors will achieve the aforementioned objective. He added, “accepting Bitcoin as a political donation is more symbolic than the act appears.”
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