South Korean lawmaker Lee Kwang-jae recently said that he will accept cryptocurrency donations from mid-January 2022. According to the politician, the plan represents his effort to raise awareness of cryptocurrencies and non-fungible tokens among South Koreans.
Donations to be converted to Korean Won
Lee Kwang-jae, a Korean lawmaker, has said he will start accepting cryptocurrency donations sometime in mid-January 2022. According to the lawmaker, anyone who wants to sponsor his campaign will be able to do so by transferring money directly to his office. Wallet.
As reported by The Korean Times, once received, the donated crypto will be converted into Korean Won and then deposited into his sponsorship account. Meanwhile, reports suggest that receipts for such donations will be issued in the form of non-fungible tokens (NFTs) and sent to the respective donor’s email address.
Kwang-jae, a member of Korea’s ruling Democratic Party, explained his reasons for accepting digital currency donations, claiming that the decision would help raise awareness about crypto assets and NFTs. He elaborated:
I deeply regret that the politicians here have had an outdated notion of digital assets at a critical time when the blockchain technologies used for cryptocurrencies, NFTs and the metaverse are rapidly advancing day by day. .
The MP also suggested that now may be an opportune time to conduct innovative experiments to enhance Korean politicians’ understanding of future technologies. According to the report, the MP hopes that such experiments may eventually help change perceptions about digital currencies and NFTs.
However, the report states that since the acceptance of crypto donations has not yet been institutionalized, Kwang-jae may only receive a maximum of $8,420, or 10 million KRW. Sponsors, on the other hand, can only donate digital assets that are not worth more than $842.
Growing Criticism of Korea’s Crypto Regulations
The plan of Kwang-jae, who is set to become one of the first lawmakers in South Korea to accept crypto donations, comes as the South Korean government exerts more regulatory pressure on the cryptocurrency industry.
Meanwhile, the MP’s decision to accept cryptocurrency donations follows reports that local crypto industry stakeholders are intensifying criticism from financial regulators.
In their criticism of what the report refers to as Korea’s overly strict regulations, stakeholders claim that such a regulatory regime will continue to prevent the country from becoming one of the leaders in this emerging financial sector.
What are your thoughts on the MP’s plan to accept crypto donations? Tell us what you think in the comment section below.
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