A Taipei City Council candidate has reportedly disclosed a donation to his political campaign made in Bitcoin. While the donated amount was “symbolic,” it marks the first of its kind in Tawain.
‘Non-Cash Political Donation’
Hsiao Hsin-Chen, a candidate for the Taipei City Council, has reportedly disclosed that he had received a donation in Bitcoin, local media says. Purportedly, this is the first time a cryptocurrency has been used to make a political donation.
It’s worth noting that the donated amount, according to the report, was for NT$10,000, which is roughly around $325. Even though it may seem like an inconsiderable sum, this is the actual limit for “non-cash political donations,” which is how cryptocurrencies are classified under the finance law.
Speaking on the matter, Hsiao said:
Accepting Bitcoin as a political donation is more symbolic than the act appears.
The politician announced in August that he will be accepting cryptocurrency donations for his campaign. By doing so, he hopes to promote technological innovation as well as to see unfair, as well as corrupt, financial practices in Taiwan’s existing political systems out.
While politicians in other countries have also started to accept cryptocurrencies as donations, the move by Hsiao Hsin-Chen is notably bold, as his country’s stance on digital currencies is somewhat restrictive.
Earlier this year, Live Bitcoin News reported that Taiwan intends to introduce a new cryptocurrency framework by November with the reason for it being a prevention for money laundering (AML).
Furthermore, the country’s Financial Services Coalition requested banks to label Bitcoin accounts as being “high-risk clients” as part of the new AML regulations.
While the abovementioned regulatory framework might not be as hard on cryptocurrencies as China’s, it does sound like restrictions are more in order rather than streamlining and adoption.
What do you think of Hsiao Hsin-Chen’s move to accept cryptocurrency donations? Don’t hesitate to let us know in the comments below!
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