First Bitcoin Donation For Political Campaign: Taiwan Makes History

The city of Taipei makes history in today’s latest bitcoin news as the first candidate for a local government position in the city, received a campaign donation in Bitcoin.

The donation was made to Hsiao Hsin-Chen who wants to secure his seat in the City Council of Taipei. The donation comes almost a month since the candidate announced that he is willing to accept cryptocurrency donations.

According to Hsiao, a bitcoin donation will have technological implications despite the political ones, because he believes that the adoption of digital assets could really improve the political system of Taiwan thanks to the transparent nature of the blockchain technology. He said that accepting Bitcoins as a donation is a rather symbolic act.

Despite not having a definite crypto regulation frame, bitcoin donations are classified as non-cash political donations so anonymous donors can donate not more than $352. This is why the government of Taiwan, also wants to implement crypto regulations before this year ends and to make sure that the people of Taiwan will get the most out of these assets and this technology.

Government officials are defending cryptocurrencies that they are not being used in money laundering and that they should focus on the actual benefits of cryptocurrencies. The Financial Supervisory Commission of Taiwan assured the Taiwanese crypto sector that the regulations that they will eventually implement won’t be as harsh as the ones in China but such that will only give benefits.

Taiwan’s Vice Premier also urged for measures to be implemented in order to protect the country’s financial stability.