The first donation was made in Taiwan to a political campaign using cryptocurrencies

The cryptocurrencies do not stop surprising us. They have been linked to almost all existing industries and sectors, from technology and entertainment to art and culture, even reaching politics. And it is precisely this last point that is news in Taiwan, where for the first time a political campaign receives donations in digital currencies.

Hsiao Hsin-chen, who has applied for a position at the Taipei City Hall, has made history on the island by becoming the first candidate to receive donations made with Bitcoin. The contribution, of $ 325 in BTC, comes a month after the politician announced publicly that he would be accepting donations in cryptocurrencies.

Although Taiwan does not have a comprehensive regulatory framework for digital assets, with regard to donations for political campaigns, the law is quite clear that they can not exceed US $ 325.

However, for Hsiao the donations with digital currencies will have not only political and technological implications, but could help to improve the confidence in the political system of Taiwan, due to the transparent nature of the Bolckchain technology, from where currencies like Bitcoin are based. . "Accepting Bitcoin as a donation is more symbolic than the act," said the candidate, according to CCN.

Taiwan and cryptocurrencies
While it is true that the nation does not currently have regulations for cryptocurrencies, its Minister of Justice, Qiu Taisan, said that before the end of the year, a legal framework for these currencies should be enacted, aimed at stopping money laundering. .

This statement was made by Taisan earlier this year during a conference against money laundering. It is expected that at the next meeting of the Asia-Pacific Organization against money laundering, to be held in Taiwan at the end of November, the host country will announce the new regulations on cryptocurrencies.

For his part, Wellington Koo, chairman of the Financial Supervision Commission of Taiwan, clarified that, although they have planned to make the regulations, this would only focus on ensuring that Bitcoin and other digital currencies are not used for money laundering.

Koo also clarified that the regulation does not seek to impose severe restrictions or outright prohibitions on cryptocurrencies, as is the case in China. His only interest in creating this series of regulations is to protect the local financial system, investors and prevent illegal activities using digital currencies.