South Korean lawmaker to introduce crypto donation law

Jitender 2022-01-01 09:01

A Politician of South Korea proposed an idea to bring a system for the people to accept donations in crypto assets.

In South Korea, Crypto assets trading is fully legal. There are numbers of restrictions on the crypto exchanges to offer crypto-related services to prohibit illicit activities like money laundering and terrorist funding. Even under full legality, crypto assets are not popular among government officials and aged citizens. The majority of them see this crypto industry as a highly volatile market, which includes anonymous fund transactions.

To increase awareness, many crypto services are running their online crypto education programs but these crypto education programs are limited to these people, who want to educate themselves through the internet.

According to the Korean Times report, Korean lawmaker Lee Kwang-Jae will start to accept crypto-based donations in the mid of January 2022. The lawmaker also said that people can easily sponsor their donation proposal to accept the donations.

The donation will be accepted in the form of a NonFungible token. Donations will be sent to the sponsor party to accept the fund. It is also worth it to note that, people will be able to donate in crypto assets but after the full amount is received they will convert it into Korean won.

Kwang-Jae is a member of the ruling Democratic Party in SouthKorea. Kawmv-Jae said that such initiatives will bring awareness about the right use cases of crypto, Blockchain, and NFTs concepts.

He said:

“I have had a deep sense of regret that the politicians here have had an outdated perception of digital assets at a crucial time when the blockchain technologies used for cryptocurrencies, NFTs and the metaverse, are advancing rapidly day after day.”

Lawmaker also said that it is the perfect time to experiment with such initiatives to enhance the knowledge about such innovative technology with the other politicians of the country.

Original Source