Politician receives Taiwan's first ever political donation in Bitcoin

22 Sep, 2018
by Richard Allen
Politician receives Taiwan's first ever political donation in Bitcoin

A candidate for the Taipei City Council (TCC) has become the first political candidate in Taiwan to receive a donation in the form of Bitcoin, BusinessNext reports.

Hsiao Hsin-Chen, a candidate for Taipei City Council announced on his Facebook page that he had received several anonymous donations in Bitcoin valued at $325 (NT$10,000).

Hsiao announced in August that he was accepting donations in the cryptocurrency, and has since stated that the donation has technological and political implications. By donating in Bitcoin, the candidate states that Taiwan’s political system could be kept clean.

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

Taiwan’s government hasn’t yet formulated any cryptocurrency regulations but classes Bitcoin as non-cash political donations and prevents donors from giving more than US$325. The volatility of the crypto market, however, means that a donation of $325 on one day could be worth significantly more the next day.  

The Control Yuan, one of the governmental branches, has suggested that candidates should return excess amounts to the donor. If for anonymity reasons, the candidate cannot find the donor, then the excess amounts should be given to the Yuan Control.

In similar news: California’s political commission bans crypto donations to political candidates

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