South Korean Lawmaker Says He Will Start Accepting Crypto Donations in the New Year – Crowdfunding Bitcoin News

Lee Kwangjae, a South Korean lawyer, has recently said that he will accept cryptocurrency donations from mid-January 2022. This is a plan by the politician to increase awareness among South Koreans about cryptocurrency and other non-fungible tokens.

Donations Converted into Korean Won

Lee Kwang-jae (a Korean lawmaker) has stated that he would accept cryptocurrency donations in the middle of January 2022. The lawmaker stated that anyone who wishes to support his campaign can do so directly by transferring funds into his office wallet.

The Korean Times reports that once the crypto is received, it will convert into Korean won, and be placed into the donor’s sponsorship account. The report meanwhile reveals 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.

Explaining his reasons for choosing to accept digital currency donations, Kwang-jae — a member of the ruling Democratic Party of Korea — claimed that this decision will help raise awareness about crypto assets and NFTs. He explained:

A deep regret has been felt by me about the outdated view of digital assets that some politicians had at this crucial moment when blockchain technology, including NFTs and metaverses, is rapidly improving day-to-day.

The lawmaker also suggested that now might be the appropriate time to undertake innovative experiments to enhance Korean politicians’ understanding of future technologies. According to the report, the lawmaker’s hope is that such experiments might ultimately help to change perceptions about digital currencies and NFTs.

Kwang-jae cannot receive more than $8,420, or 10,000,000 Korean won, as crypto donation acceptance is still being institutionalized. However, digital assets can be donated by sponsors only if they are not worth more than $842.

Growing Criticism of Korea’s Crypto Regulations

Kwang-jae’s plan to be the first South Korean legislator to accept cryptocurrency donations is a result of increased regulatory pressure from the South Korean government.

Meanwhile, the lawmaker’s decision to accept crypto donations follows reports that stakeholders from the local cryptocurrency industry have been stepping up their criticism of financial watchdogs.

In their criticism of what the report refers to as Korea’s overly strict set of regulations, the stakeholders assert that such a regulatory regime will continue to prevent the country from becoming one of the leading nations in this emerging financial field.

What are your thoughts on the lawmaker’s plan to accept crypto donations? Comment below to let us know your thoughts.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.