Crypto donations to South Korean Lawmaker in 2022. A recent announcement by South Korean politician Lee Kwang-jae stated. That he would begin accepting bitcoin payments in the middle of January 2022. It appears that this proposal represents an attempt. To raise public understanding about cryptocurrencies and non-fungible tokens. Among South Koreans in general, according to the legislator’s assessment.
In a recent interview, South Korean lawmaker Lee Kwang-jae revealed. That he plans to begin accepting bitcoin payments sometime around the middle of January 2022. Individuals interested in making contributions to the congressman’s campaign. Will be able to do so by depositing funds directly into his office wallet. Which will be accessible online, according to the lawmaker.
Following the receipt of the bitcoin donation, according to a report published. By The Korean Times newspaper, the funds would be converted into Korean won. And transferred to the recipient’s sponsorship account. While this is going on, receipts for such contributions will be supplied. In the form of non-fungible tokens (NFTs),. Which will be delivered to the email address of the donor who made the contribution. According to a story published by Bloomberg.
Kwang-jae, a member of the ruling Democratic Party of Korea. Indicated that he feels that accepting digital currency donations will aid. In raising awareness about crypto assets and non-financial technology. During an explanation of his decision to accept digital currency donations. He went on to say the following:
My strong sense of sorrow grew as I saw that the lawmakers in my country. Had an out-of-date perspective of digital assets, and I expressed it publicly. In particular, this is concerning at a time when blockchain technologies. Such as those used for cryptocurrencies, NFTs, and the metaverse, are advancing at an alarming rate.
The legislator also said now might be the time
Also mentioned was that now could be a good moment to conduct new experiments. To improve the awareness of future technology among Korean lawmakers. Which the lawmaker agreed with. Reports state that lawmakers expect that such tests will ultimately aid. In changing public opinions about digital currencies and non-fiat currencies.
According to the report, however, because the receipt of cryptocurrency donations. Has not yet been institutionalized, Kwang-jae can only earn a maximum of $8,420. Or 10 million Korean won, as a result of this. For their part, sponsors can only make donations of digital goods. That are worth no more than $842 in value.
Growing Criticism of Korea’s Crypto Regulations
South Korea’s government is intensifying its regulatory pressure on the bitcoin business. And Kwang-announcement jae’s announcement comes at a time when that pressure is increasing. Kwang-jae, who is prepared to become one of the country’s first lawmakers. To accept bitcoin payments, has also expressed a wish to accept cryptocurrency donations. In addition to bitcoin payments in the future.
Recently released information indicates increased antipathy toward banking authorities. Among participants in the local bitcoin economy, prompting Congressman Paul D. Gosar. To announce that he will accept cryptocurrency payments and Crypto Donations to help fund his reelection campaign.
According to the findings of the study, stakeholders feel that Korea’s overly strict regulatory structure. Will continue to prohibit the country from being one of the leading countries. In the rapidly expanding finance industry. The term “excessively severe” refers to “overly strict” in the context of the study and Crypto donations.