Anonymous crypto-donations for Taiwanese political candidate
A Taipei politician was pleasantly surprised when he received donations for his political campaign in the form of cryptocurrency. In a historic first, Hsiao Hsin-Chen – a candidate for a position on the Taipei city council – opened up his campaign for donations from anyone, as reported by local media Taiwan News.
Hsiao Hsin-Chen received donations in the form of Bitcoin totaling New Taiwan Dollars 10,000 ($325), reaching the limit for non-cash donations to political campaigns. The limit applies to funds in the form of cryptocurrency, shares, stocks etc. specified under the Taiwanese campaign finance law.
The candidate had announced back in August that he would accept crypto-related donations. This strategy was in line with his stance on technological innovations and he firmly supports cryptocurrency’s role in the eradication of illegitimate financial practices from the country’s political system.
Hsiao believes that Bitcoin promotion and adopting the use of digital currencies in political fundraising endeavors will achieve the aforementioned objective. He added, “accepting Bitcoin as a political donation is more symbolic than the act appears.”
Taiwan’s central bank, the Central Bank of the Republic of China (Taiwan), Control Yuan and other financial players are mulling regulations that should be applied on digital currencies. With the ever-increasing rate of crypto-adoption in the country, authorities have deemed it necessary to come up with a list of guidelines to better regulate this industry.
Control Yuan, the state’s financial watchdog, stated that the value of Bitcoin is variable and if political donations go above the legal threshold of New Taiwan Dollars 10,000, then the excess amount should be returned to the donor or it will be withheld by the Control Yuan to prevent violation of campaign finance laws.
Taiwan is certainly not a skeptic when it comes to cryptocurrencies. The country has been looking to create an ecosystem incorporates financial and technological innovations to help develop their internal industry.
Just last week, the U.S. state of California banned the use of cryptocurrencies to support a candidate’s political run, in a hearing before the Fair Political Practices Commission (FPCC), the state’s political watchdog.
Image via Shutterstock
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