Lee Kwang-jae, a South Korean lawmaker, recently stated that he will be accepting cryptocurrency donations starting mid-January 2022. According to the politician, this plan represents his attempt to raise awareness about cryptocurrencies and non-fungible tokens among South Koreans.
Donations to be converted into Korean won
Korean lawmaker Lee Kwang-jae said he would start accepting cryptocurrency donations in mid-January 2022. According to lawmaker, anyone wishing to sponsor their campaign will be able to do so by directly transferring funds to their office. wallet.
As explained in The Korean Times report, once received, the donated crypto will be converted into Korean won and then deposited into his 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 why he chose to accept digital currency donations, Kwang-jae – a member of the ruling Democratic Party of Korea – claimed the move would help raise awareness of crypto assets and NFTs. He explained:
I have had a deep sense of regret that the politicians here have had an outdated perception of digital assets at a crucial time when the blockchain technologies used for cryptocurrencies, NFTs and the metaverse, are advancing rapidly day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.
The lawmaker also suggested that perhaps now is the time to undertake innovative experiments to improve Korean politicians’ understanding of future technologies. According to the report, lawmakers are hopeful that such experiments could ultimately help change perceptions about digital currencies and NFTs.
The report, however, states that since the acceptance of crypto donations is yet to be institutionalized, Kwang-jae can thus only receive a maximum of $8,420 or 10 million Korean won. On the other hand, sponsors can only donate digital assets that are worth not more than $842.
Growing Criticism of Korea’s Crypto Regulations
Kwang-jae’s plan, who is set to become one of the first lawmakers in South Korea to accept crypto donations, comes as the South Korean government puts more regulatory pressure on the crypto industry. cryptocurrency.
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 critique of what the report calls Korea’s overly strict regulatory package, stakeholders say such a regulatory regime will continue to prevent the country from becoming one of the leading nations in this emerging financial arena.
