Taiwanese Media through some unknown sources released that Hsiao Hsin-Chen, a Taipei-based politician, has recently created history by becoming the first individual to accept a contribution through cryptocurrency while running a campaign for a governmental position. As per the valid report by Taiwan News, the local news outlet, Hsin-Chen is currently running a campaign for Taipei city council and set up his campaign to receive donations from anyone and everyone.
Amid this, the politician is expected to receive 10,000 New Taiwan Dollars ($325 USD) worth of Bitcoin, which is obviously the stipulated limit for non-cash contribution, like stock, cryptocurrency, etc. to any political-related campaign which is restricted by local rules and regulations.
Speaking further to the subject matter, this contribution has been coming since a long time as announced by Hsiao in August that he could be accepting donations through cryptocurrency however he didn’t specify what exact tokens and coins he was expected to receive. This transition is just more than a money grab, as the politician is always exploring to enhance technological innovation in Taipei with certain crypto assets with blockchain technologies and other prospective and strategic innovations evidently being core to that mission.
Amid this, Hsin-Chen elaborated further that the use of cryptocurrencies may assist to mitigate unfair and corrupt practices executed by malicious governmental officials. Further, the potential Taipei city council member explained: “Accepting Bitcoin as a political donation is more symbolic than the act appears.”
The recent transition follows the model of California’s Fair Political Practices Commision act that restricts cryptocurrency donations pertaining to political objectives as reported by the Associated Press. Additionally, the report says that the campaign watchdog organization had voted 3 to 1 to restrict such kind of contribution types as the inception of the crypto holdings donated are confined for certain question raising concerns of transparency and accountability.
Besides this, South Carolina has just made a similar transition, while Colorado and Montana have started accepting cryptocurrency donations, however by placing strict restrictions to ensure that financial risk is mitigated.
However, there are numerous Taiwan’s neighbors are reluctant to accept cryptocurrencies with open arms. With this, the island nation is expected to be an open crypto capital of the world. Taiwan regulators actively intend to incorporate smart technology into legacy systems in the years to come by recognizing the numerous benefits that the digital assets and blockchain technology will have in offer.
Amid this, one of Taiwanese startup called “Green World Fintech Services” has profusely announced that it will set up a new stable coin linked to the value of one NTD in early July of this year. The project is expected to involve the renowned “Taiwan Digital Token,” will be organizing the stable coin on the Ethereum network as an ERC-20 token.