Cryptocurrency is undoubtedly penetrating all the markets and currently, it has entered the Taiwanese politics. As per the latest crypto news, a candidate for the Taipei City Council announced on social media that he accepted a small number of bitcoin donations. He believes that crypto donations will have a positive impact on his country as it will help keep the political system clean and transparent.
While the candidate expresses the pros of accepting crypto donations from his supporters, the California watchdog’s thoughts are contrary of the candidates. The regulators pointed out the crypto donations can raise questions about transparency and is hard to track.
According to the latest crypto news, Hsiao Hsin-chen, a representative of the minority New Power Party, received the digital cash worth NT$10,000 (~US$325) from anonymous supporters. The nature of the cryptocurrency, the fact that every transition is recorded on a public blockchain, can lead to more transparency, he added. “Accepting bitcoins as a political donation is more symbolic than the act appears,” claimed the politician.
In Tawain, crypto donations are classified as non- cash political donations, defined by the interior ministry. As per the country’s recently updated Political Donations Act, political candidates can accept up to a sum of NT$10,000 from anonymous donors. If in any scenarios, the sum exceeds the amount mentioned then the politician have to return the amount to the respective donor or the state, as mentioned in Bitcoin News.
The donation amount is specified up to a sum of NT$10,000, but the query is how the value of cryptocurrency will be estimated as the value of the digital varies in a short period. Owing to the dubious nature of the cryptocurrency, one cannot estimate the price of the digital assets. Meanwhile, the latest news state that the officials in the US state of California deny the concept of crypto donations.
Some watchdogs in California are uncertain regarding the idea of a full ban on crypto donations. However, the regulators have decided to apply a ban on crypto donations for political campaigns. But some onlookers have been on the edge trying to find out whether the commission has plans to allow candidates accept Bitcoin donations, as stated by Bitrazzi, in its latest news.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]