As reported on September 20 by Yahoo News agency, the candidate for members of the city government of the capital of the Republic of China for the first time in the history of the country received a political donation in bitcoins. According to him, this event will have consequences both in the political sphere and in the sense of further development of technology in Taiwan.
Xiao Xin Zhen, a candidate for the city council of the capital of the KR of Taipei, a representative of the political power of the New Power Party, reported in his Facebook account that he received several anonymous donations in bitcoins worth $ 325. The candidate of left orientation became the first Taiwanese politician, who declared his readiness to accept donations in crypto-currencies in August this year.
“Accepting bitcoin as donations is more significant than it seems at first glance,” Xiao said. According to him, this event will seriously affect the political life, and also represents a step forward in the way of the development of advanced technology.
According to Xiao, donations in bitcoins can be an ideal way to make the political system of Taiwan open and transparent.
In 2014, the US Federal Electoral Commission approved the use of bitcoin in political donations. According to the new rules, every citizen of America can sacrifice bitcoins to politicians, provided that the amount does not exceed $ 100.
However, while the authorities of the Republic of China have not finally established the rules for making political donations. According to Yahoo News, the country’s Home Ministry recently classified donations in bitcoins as “political donations in the form of cash” and abolished any restrictions on the amount transferred to the policy in digital currencies.
According to the recently adopted law on political donations, anonymous donors can give politicians no more than $ 325, when it comes to fi nish money. The authorities plan to supplement the law with the provision that even in the case of donations in bitcoins, the amount should not exceed $ 325.
However, a serious problem is the volatility of the crypto-currency market and bitcoin. The amount of the donation varies according to the exchange rate: if at the time the donation was made, the amount may not exceed the limit, after a few days it may turn out to be an order of magnitude greater.
The supervisory authority Control Yuan, which controls the work of various departments of the Taiwan government, suggested that candidates return money to the donors in excess of the established limit. If funds were donated anonymously, the surplus should be transferred to Control Yuan.