The South Korean politician Rep. Lee Kwang-jae intends to fuel his political campaigns by receiving donations in Bitcoin and Ether.
Rep. Lee Kwang-jae – a member of the ruling Democratic Party in South Korea – is reportedly planning to receive campaign donations in digital assets. He also intends to issue non-fungible tokens as a receipt for such contributions starting from mid-January next year.by The Korea Held, the cryptocurrencies included in the initiative will be the two biggest by market capitalization – Bitcoin and Ether , as well as a few local tokens. If realized, Rep.
“We are currently reviewing selection of local wallet providers. We will review our wallet address on our blog, Facebook page, and YouTube channel in early January,” an official from Lee’s administration stated. Keeping in mind it is an experimental project, the lawmaker’s office said it first intends to receive 10 million won worth of cryptocurrencies, with a 1 million won limit set for each contributor.
The donated assets will later be converted into cash at a local digital asset trading venue. Subsequently, they will be employed in accordance with political finance regulations. Lee’s office warned that due to the enhanced volatility of the cryptocurrency industry, the actual value of the donation could be different when it is converted into fiat currencies. This could result in tax deduction amounts that differ from people’s initial expectations when conducting year-end tax settlements.Ever since the start of 2021, the government of the East Asian country has been seeking to impose strict rules on the local digital asset ecosystem.
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