Taiwanese Candidate Accepted First Ever Bitcoin Donation in a Political Campaign
For a local government seat in the city of Taipei, a Taiwanese candidate has made history as the first local politician in Taiwan to ever receive a campaign donation in form of bitcoins.
The Bitcoin donation was made to Hsiao Hsin-Chen, according to BusinessNext. He is contending on a New Power Party ticket, for a seat in Taipei City Council. The Bitcoin donation of US$325 comes after a month after the political candidate declared that he would be accepting cryptocurrency donations.
According to Hsiao, the donation will have considerable technological implications apart from the noteworthy political implications as the adoption of cryptocurrency donations could assist in keeping the political system of Taiwan clean owing to the transparent and public nature of blockchain technology on which bitcoin is built. He added that accepting bitcoins as a political donation is more symbolic than the act appears.
The Bitcoin donation of US$325 comes after a month after the political candidate declared that he would be accepting cryptocurrency donations
While Taiwan lacks comprehensive cryptocurrency regulations, bitcoin donations to political campaigns are classified as non-cash political donations and anonymous donors are allowed to give amounts not exceeding US$325. To close the regulatory gap, Taiwan's Justice Minister, Qiu Taisan, earlier in the year called for cryptocurrency regulations to be enacted before the end of 2018 with a view of curbing money laundering.
Wellington Koo, the chairman of the Financial Supervisory Commission of Taiwan, was also caught on record commenting that these efforts would be limited to ensuring that bitcoin, as well as other altcoins, are not used in money laundering. He assured the Taiwanese cryptocurrency sector then that the country would not tread on the heels of China and other countries which at the time were enforcing critical restrictions or outright bans on cryptocurrency-related activities.
Shih noted that with the market capitalization of bitcoin was more than twice Taiwan's budget, at the time
As per media reports, Taiwan's Vice Premier, Shih Jun-ji, also earlier in the year also called for measures to be implemented in order to safeguard the island country's financial health, noting the growing stature and importance of digital assets and cryptocurrencies in the world. Shih noted that with the market capitalization of bitcoin was more than twice Taiwan's budget, at the time.
Shih added that bitcoin's market capitalization then was comparable to the amalgamated assets of all the banks in Taiwan while it constituted around 33 percent of the foreign exchange reserves held by the Asian country.