Business & Economy Startups Taiwan’s first ever political donation in Bitcoins

Taiwan’s first ever political donation in Bitcoins

- Advertisement -

While this donation is largely symbolic, blockchain does present an opportunity to make political donations more transparent

For the first time in Taiwan’s lively democracy, a political donation has been made in bitcoins.

Hsiao Hsin-chen, a candidate for Taipei City Council with the minority New Power Party, announced on his Facebook page that he had received a handful of anonymous donations in bitcoins with a total value of US$325 (NT$10,000.)

Hsiao, who announced on Facebook in August that he was open to accepting donations in this cryptocurrency, said the development had political as well as technological implications.

- Advertisement 1-

Bitcoin donations, he declared, could help keep Taiwan’s political system clean.

“Accepting bitcoins as a political donation is more symbolic than the act appears,” Hsiao said.

Bitcoin has a transparent nature. Each transaction is recorded publicly using blockchain technology, making it difficult to counterfeit. This could lead to more transparency when politicians accepted political donations, he said.

Generally in Taiwan if a political donation exceeds a government limit or the donor sets additional conditions on how the money will be used, it is considered a bribe.

Also Read: Haven’t seen token that qualifies as security, says Singapore official

In 2014, the U.S. Federal Elections Commission issued rules about how bitcoins could be used as political donations. Each U.S. citizen can donate bitcoins with value of no more than US$100. After these regulations were issued, many American political candidates have received donations in this cryptocurrency.

Taiwan is yet to formulate regulations on political donations in cryptocurrencies

- Advertisement 2-

Taiwan’s government, however, hasn’t formulated similar regulations. The Ministry of Interior currently classes bitcoins as non-cash political donations.

Taiwan’s recently-amended Political Donations Act, does state anonymous donors may give no more than US$325 (NT$10,000.) Even if an anonymous donation is in bitcoins, the value should be no more than this figure.

Bitcoin’s value, however, always floats. It could be 1 bitcoin to US$6,450 on one day and 1 bitcoin to US$7,230 the next day. This means that although a donation in bitcoins may not exceed the government limit of US$325 at the time of donation, a few days later, its value could soar much higher.

The Political Donations Act aims to pursue “transparency,” said the Control Yuan,a watchdog agency that monitors other branches of Taiwanese government, in a statement.

Also Read: Singapore’s proptech marketplace Ohmyhome raises US$2.9M to expand into Malaysia, Thailand

- Advertisement 3-

The Control Yuan, suggested, candidates should maintain full and accurate records of political donations.

If the value exceeds government limits, candidates should return the excess amount to the donor. If political candidates cannot find donors owing to anonymity, they should give the excess amount to the Control Yuan.

The article Taiwan’s First Ever Political Donation in Bitcoins first appeared on BusinessNext.

Photo by Andrew Haimerl on Unsplash

The post Taiwan’s first ever political donation in Bitcoins appeared first on e27.

Source: E27Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Read More

Stories you might’ve missed, Jan 25

Leon Perera: We should never trust blindly in any government or institution FB screengrab: Leon Perera Singapore — Workers’ Party Member of Parliament Leon Perera (Aljunied GRC) pointed out that while Health Minister Ong Ye Kung recently echoed a phrase WP...

NFT earnings of S$7.5 million in 10 days for S’pore-based influencer Irene Zhao

Singapore — Singapore-based Chinese influencer and Instagram model Yuqing Irene Zhao listed her non-fungible token's (NFT), garnering purchases from prominent individuals like Galaxy Digital...

‘3 years and look how people still miss you’ — fans remember Aloysius Pang on his death anniversary

Singapore — It's been three years since actor Aloysius Pang died in an accident during a military training exercise, but he has been far...

Nagaenthran’s case: Appeal against death sentence adjourned, calls to spare his life continue

Singapore — An appeal from Nagaenthran K. Dharmalingam, a convicted Malaysian drug trafficker facing execution in Singapore, was adjourned on Monday (Jan 25). Ms Violet...

Shock & disappointment for loyal customer who finds cockroach in porridge, decides to support different outlet

Singapore — After finding a "fresh-looking" cockroach on his order of porridge from a Tampines outlet, a loyal customer decided to patronise a different...

Stories you might’ve missed, Jan 25

Leon Perera: We should never trust blindly in any government or institution FB screengrab: Leon Perera Singapore — Workers’ Party Member...

NFT earnings of S$7.5 million in 10 days for S’pore-based influencer Irene Zhao

Singapore — Singapore-based Chinese influencer and Instagram model Yuqing Irene Zhao listed her non-fungible token's (NFT), garnering purchases from...

‘3 years and look how people still miss you’ — fans remember Aloysius Pang on his death anniversary

Singapore — It's been three years since actor Aloysius Pang died in an accident during a military training exercise,...

Nagaenthran’s case: Appeal against death sentence adjourned, calls to spare his life continue

Singapore — An appeal from Nagaenthran K. Dharmalingam, a convicted Malaysian drug trafficker facing execution in Singapore, was adjourned...
Follow us on Social Media

Send in your scoops to news@theindependent.sg