South Korean Congressman Lee Kwang-jae recently stated that he will start accepting cryptocurrency donations from mid-January 2022. According to the politician, the plan represents his attempt to raise Koreans’ awareness of cryptocurrencies and non-fungible tokens.

Donations will be converted to Korean won

South Korean Congressman Lee Kwang-jae stated that he will start accepting cryptocurrency donations sometime in mid-January 2022. According to the congressman, anyone who wants to sponsor his campaign can directly transfer funds to his office. wallet.

As explained by The Korea Times ReportOnce received, the donated cryptocurrency will be converted into Korean won and then deposited into his sponsorship account. The report also shows that receipts for such donations will be issued in the form of non-fungible tokens (NFT) and sent to the corresponding donor’s email address.

In explaining why he chose to accept digital currency donations, Kwang-jae, a member of the ruling Korean Democratic Party, claimed that this decision will help raise awareness of crypto assets and NFTs. He explained:

What I deeply regret is that at a critical moment when the blockchain technology used for cryptocurrency, NFT and Metaverse is developing rapidly day after day, the politicians’ views on digital assets are outdated.

The congressman also said that now may be the right time to conduct innovative experiments to improve Korean politicians’ understanding of future technologies. According to the report, legislators hope that such experiments may eventually help change the perception of digital currencies and NFTs.

However, the report pointed out that since accepting crypto donations has not yet been institutionalized, Guangzai can only receive a maximum of US$8,420 or 10 million won. On the other hand, sponsors can only donate digital assets with a value of no more than US$842.

Criticism of South Korea’s encryption regulations is increasing

As the South Korean government exerts greater regulatory pressure on the cryptocurrency industry, Kuang Jae plans to become one of the first legislators in South Korea to accept cryptocurrency donations.

At the same time, before lawmakers decided to accept cryptocurrency donations, there were reports that stakeholders in the local cryptocurrency industry had been increasing criticism of financial regulators.

Stakeholders criticized South Korea’s overly strict regulatory system mentioned in the report, claiming that such a regulatory system will continue to prevent the country from becoming one of the leading countries in this emerging financial sector.

What is your opinion on the plan of lawmakers to accept cryptocurrency donations? Tell us what you think in the comments section below.

Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer from Zimbabwe. He has written a lot of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.