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Taiwanese Politician Receives Cryptocurrency As Donation

12:02 26/09/2018

Hsiao Hsin-chen, a New Power Party candidate for the Taipei City Council, accepted a donation for his election campaign in bitcoins, Yahoo News reported.


The fee in the first cryptocurrency was equivalent to $325. In August, Hsiao Hsin-chen stated he was ready to accept crypto donations from supporters since he believes that digital assets can contribute to the transparency of the country's political system due to the openness of transactions.


The representative of a political party chose technological innovations, with the help of which it is possible to overcome corruption, the main direction of his election campaign.


Pursuant to the laws of Taiwan, voluntary donations should not exceed $325. As the fluctuation of bitcoin's rate may exceed this amount, Control Yuan, the state financial regulatory authority, proposes several options for compliance with the law. Candidates must either refund the surplus to the donator (if known) or transfer funds to the account of the financial regulator.


Hsiao Hsin-chen decided to follow in the footsteps of politician Jason Hsu, who is called a "Crypto Congressman." In 2016, after becoming a parliamentarian, Hsu focused on innovative technologies, in particular, on blockchain, cryptos, and unmanned vehicles.


Currently, Hsu is developing regulations for crypto exchanges and has plans to create a special economic zone where up to 200 blockchain startups could be located.


As previously reported, the authorities of the autonomous South Korean island Jeju are going to receive a special status of a free crypto zone for the island.

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