Taiwanese politician has made history with virtual currency in what the political sphere in the country has never experienced in the past.
In Taiwan, although political donations have always been open to non-cash donations, and which have been done in various forms, none of these non-cash donations have ever included virtual currencies.
But, on a rare occasion, a politician vying for the city council has reported that some of his political donations came from cryptocurrencies. To be exact, bitcoin (BTC). This becomes the “first person running for office to report a crypto-currency donation to a political campaign,” reported Taiwan News.
Additionally, the bitcoin donations which came from different sources amounted to 325 U.D dollars, the allowed limit for non-fiat donations.
While acknowledging the crypto donations, Hsiao Hsin-Chen, the Taipei-based politician, noted that “accepting bitcoin as a political donation is more symbolic than the act appears.” The donations came just days after Hsiao expressed a welcoming hand to those willing to support him through crypto-donations.
With the donations, Hsin-Chen is looking to advocate for ‘technological innovation and avoiding unfair and corrupt financial practices from Taiwan’s political system,’ noted Taiwan News.
With the fluctuating levels of cryptocurrencies prices, especially Bitcoin, the value of the crypto-donation can be more or less depending on how long the Taiwan-based politician holds onto it before converting it to its fiat equivalent. According to crypto experts, the recent crypto bear market is slowly giving in to the bullish momentum which will, in turn, increase the value of crypto coins.
If the bulls finally take over before Hsiao trades the bitcoin donations to its fiat equivalent, the country’s central bank may authorize the excess to be returned to the donors or surrendered to the bank to evade a possible violation of political campaign financing rules.
Since Taiwanese politician has made history with virtual currency, do you think the country may raise the maximum amount of non-cash political campaign donations if crypto becomes widely adopted in the country?
Let us know your thoughts in the comments section below.