A Taipei-based politician has become the first one to receive a donation in Cryptocurrency in Taiwan. The candidate for the city’s local government seat received a US$325 donation in Bitcoin. Many believe that the introduction of the virtual currency in politics will help in bringing the much-needed transparency in the sector. The country is working towards putting in place Cryptocurrency regulations.
A Candidate Receives US $325 Bitcoin Donation
A New Power Party’s candidate in the Taipei City Council elections has become the first politician to receive Cryptocurrency donation in the island country. Hsin-chen received US$325 Bitcoin donation to finance his campaign. It has been months since the politician said he has no problem with Cryptocurrency donations.
Per Hsiao has said that the recent donation is expected to have both technological and political implications. The move is a challenge to local businesses to consider integrating Crypto payments. The use of blockchain technology could also help in bringing transparency in the country’s political system.
Taiwan To Address Cryptocurrency Regulation
Despite several countries in Asia such as South Korea and Japan introducing Cryptocurrency regulations, Taiwan has not. Nevertheless, donations in the virtual currency are accepted but categorized as non-cash donations. Moreover, anonymous donors, such as the virtual currency ones should not an amount more than US$325. Hsin-chen received this maximum amount.
The lack of comprehensive digital assets and blockchain regulations in Taiwan has not gone so well with everyone. At the beginning of this year, Qiu Taisan called for the enactment of Cryptocurrency regulation in an attempt to fight money laundering. Taisan, who is Taiwan’s Justice Minister said this at an anti-money laundering conference.
According to Mr. Taisan, the war against the use of Cryptocurrency in money laundering is an inter-agency initiative. The minister said the Ministry of Interior, the central bank, and the Bureau of Investigation are among important agencies that should work together. The minister is expected to repeat the same call at the forthcoming Asia Pacific Anti-Money Laundering Organization meeting in November.
With regard to Cryptocurrency regulations, Wellington Koo said the country would work towards controlling the use of the virtual currencies in illegal activities such as money laundering and financing terrorists among others. The Financial Supervisory Commission of Taiwan chairman asked Crypto players in the country not to worry as they will not follow China in banning the Cryptocurrencies and related activity.
Taiwan Not To Be Left Behind
Cryptocurrency and Blockchain technology are facing a rapid growth in recent times. The number of businesses adopting this technology is increasing on daily basis. At the beginning of this year, Shih Jun-ji, the country’s Vice Premier said that they are determined to create a Crypto-friendly environment. He noted that the market capitalization of some virtual currencies is more than the country’s budget hence the need to embrace the technology.
Countries that have enacted Cryptocurrency regulations have experienced an influx of Crypto -related businesses. These companies are providing governments with alternative sources of income through taxation. They are also creating job opportunities for the local population. Taiwan has a lot to do if it wants to catch up with Asian countries that already have Cryptocurrency regulations in place.