Cryptocurrency is widely used in several sectors. But Cryptocurrency received as a political donation was never seen until now. A Taiwanese politician became the first candidate to receive cryptocurrency as a political donation for his campaign.
According to the local news report, Hsiao Hsin-Chen a political candidate based in Taipei, the capital city of Taiwan. Hsiao had announced in August that his campaign will accept cryptocurrency for donations. Hsiao has been receiving bitcoin donations for his political campaign. A total of $325 USD worth bitcoin has been received as there is a limit of NT$10,000 for “non-cash political donations”.
Hsiao idea of accepting cryptocurrency thought this campaign is to promote technology innovations. Also by using this technology their campaign seeks to eradicate corruption in the financial system of Taiwan.
“Accepting Bitcoin as a political donation is more symbolic than the act appears,” said Hsiao
Cryptocurrency Regulations in Taiwan
Currently, in Taiwan, there are no regulations on cryptocurrency. But Taiwan’s Central Bank, Control Yuan, and financial institutions are working together to form regulatory guidelines. By implementing regulation the citizens of Taiwan will be able to use cryptocurrencies as there is the rapid growth of users using it.
As there is a limit of NT$10,000 for “non-cash political donations in Taiwan. Control Yuan suggests that if there is any fluctuation in the price of bitcoin. And the price increases drastically then the political party must return the amount which has crossed the limitation back to the donor.
This year we talked about Taipei Fubon Commercial Bank in Taiwan which had rolled out payment system based on Ethereum Blockchain. Through using cryptocurrency for payments and blockchain technology in several sectors Taiwan wants to become the global center for innovation in the future. This will be a clever move by a country whose visions is to use such new technologies and make their country smart.