Politician Makes History as First Recipient of Bitcoin Campaign Donation

Politician Makes History as First Recipient of Bitcoin Campaign Donation

Bitcoin has been increasing in their use cases lately, and another first has happened in one of the accepting countries. Taiwan presently has a government seat that is up for local candidates. During their campaigning process, candidate Hsiao Hsin-chen has received a donation in Bitcoin, which is a first for the country.

Hsin-chen is presently working on getting a seat on the Taipei City Council, representing the New Power Party ticket. The donation was for approximately $325 USD in Bitcoin, which came about a month after he announced that his campaign was eligible for donations via cryptocurrency. This donation could have technological implications, considering that cryptocurrency remains on the blockchain as a public and transparent trail of each donation. According to Hsin-chen, “Accepting bitcoins as a political donation is more symbolic than the act appears.”

Taiwan is one of the many countries that has not quite established the regulations for the cryptocurrency industry. However, the government has noted that Bitcoin donations of this nature are considered “non-cash political donations,” which allows donors to contribute up to $325 USD as the limit. To eliminate this gap in regulatory measures, Justice Minister Qiu Taisan urged the government to enact regulations by the end of this year, though the measures need to include protocols against money laundering.

This plea from Taisan came during an anti-money laundering conference. Taisan noted that this initiative would involve multiple agencies, including the Bureau of Investigation and the Ministry of the Interior. Around the same time, Wellington Koo of the Financial Supervisory Commission of Taiwan said that the new restrictions would focus on making sure that Bitcoin and other tokens are protected from money laundering. However, Koo noted that they would not take on the same restrictive stance that China and countries with similar views have take on. Basically, Taiwan is not looking to overly restrict or even ban crypto activity.

Considering the significance that cryptocurrencies are having in the financial world lately, Vice Premier Shih Jun-ji has already called for regulatory changes early on in the year. He wants to protect the island country’s finances, though the market capitalization for Bitcoin exceeds the budget in Taiwan by twice over ($160,000 USD). However, he also noted at the time that it was about the amount of the combined assets from every bank in Taiwan.

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