Tuesday, January 18, 2022

South Korean Lawmaker Says He Will Start Accepting Crypto Donations in the New Year – Crowdfunding Bitcoin News

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Lee Kwang-jae, a South Korean lawmaker, just lately said that he shall be accepting cryptocurrency donations beginning mid-January 2022. According to the politician, this plan represents his try to boost consciousness about cryptocurrencies and non-fungible tokens amongst South Koreans.

Donations to Be Converted Into Korean Won

A Korean lawmaker, Lee Kwang-jae, has mentioned he’ll begin accepting cryptocurrency donations someday in mid-January of 2022. According to the lawmaker, anybody that needs to sponsor his marketing campaign shall be in a position to take action by immediately transferring funds to his workplace pockets.

As defined in The Korean Times report, as soon as acquired, the donated crypto shall be transformed into Korean received after which deposited into his sponsorship account. The report in the meantime reveals that receipts for such donations shall be issued in the type of non-fungible tokens (NFTs) and despatched to the respective donor’s e-mail tackle.

Explaining his causes for selecting to just accept digital foreign money donations, Kwang-jae — a member of the ruling Democratic Party of Korea — claimed that this determination will assist increase consciousness about crypto property and NFTs. He defined:

I’ve had a deep sense of remorse that the politicians right here have had an outdated notion of digital property at an important time when the blockchain applied sciences used for cryptocurrencies, NFTs and the metaverse, are advancing quickly day after day.

The lawmaker additionally instructed that now is likely to be the acceptable time to undertake modern experiments to reinforce Korean politicians’ understanding of future applied sciences. According to the report, the lawmaker’s hope is that such experiments may in the end assist to alter perceptions about digital currencies and NFTs.

The report, nonetheless, states that since the acceptance of crypto donations is but to be institutionalized, Kwang-jae can thus solely obtain a most of $8,420 or 10 million Korean received. On the different hand, sponsors can solely donate digital property which can be price no more than $842.

Growing Criticism of Korea’s Crypto Regulations

The plan by Kwang-jae, who is about to grow to be one among the first lawmakers in South Korea to just accept crypto donations, comes as the South Korean authorities exerts extra regulatory stress on the cryptocurrency trade.

Meanwhile, the lawmaker’s determination to just accept crypto donations follows experiences that stakeholders from the native cryptocurrency trade have been stepping up their criticism of economic watchdogs.

In their criticism of what the report refers to as Korea’s overly strict set of rules, the stakeholders assert that such a regulatory regime will proceed to stop the nation from turning into one among the main nations in this rising monetary subject.

What are your ideas on the lawmaker’s plan to just accept crypto donations? Tell us what you suppose in the feedback part beneath.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively about the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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