History as Politician Receives Donations in Bitcoins
The development is set to have implications for the rollout of cryptocurrencies.
Politician Receives $325 in Bitcoin Donations
For the first time, a political seat candidate has received contributions in bitcoins. The politician is seeking a seat in the city of Taipei, Thailand. Hsiao Hsin-Chen wants to become the next Taipei City Council head. Media reports indicate that the bitcoin was worth $325. Hsiao announced his intentions to vie about a month ago.
Consequently, the donation will have political and technological implications in terms of rolling out cryptocurrencies. With blockchain considered to be transparent, the donations will mean transparency will be introduced in the political system. Hsiao stated that taking bitcoins in donations is a great symbol than it appears.
Taiwan’s Journey Towards Crypto Regulations
At the moment, Taiwan has no established cryptocurrency regulations. However, bitcoin donations for politics fall under the category of asset donations. Additionally, donors can remit crypto donations not more than $325.
Lack of regulations has caught the attention of government officials. Early this year, Taiwan minister for justice Qiu Taisan noted that it was time for crypto laws to be enacted. He stated that the laws should come into play by the end of the year. He stressed that the laws should help curb money laundering.
He made the call during an anti-money laundering forum in January. The anti-money laundering laws will affect a bigger part of the Asian region. Sources indicate that the laws will come into force by November. According to the minister, coming up with the laws will involve a number of several government agencies. Bureau of Investigation, the central bank and the Ministry of Interior are among agencies to take place in the regulations.
At the same time, FSC boss Wellington Koo noted that stress will be placed on bitcoin. In a secret recording, Koo was heard stating that they will ensure that bitcoin will not be used to assist in money laundering. Koo added that crypto lovers should not be concerned about the laws. He said that the laws will not be restrictive like other Asian countries. He notes that cryptos will not be banned.
In January, Taiwan Deputy Prime Minister Shih Jun-ji stated that it was the time the country implement laws to safeguard the nation’s financial industry. He noted that bitcoin’s market capacity in the country was higher than all bank assets on the island.