South Korean Legislator Accepts Political Donations in Bitcoin (BTC)

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2022-01-02 04:34:12

Representative Kwang-jae, a member of the ruling Democratic Party in South Korea, is reportedly planning to receive campaign donations in cryptocurrency.

South Korean Legislator Accepts Political Donations in Bitcoin (BTC)

According to a December 30 report by The Korea Held, Bitcoin (BTC) and Ethereum (ETH) will be the two coins included in the initiative. If it comes to fruition, Representative Lee Kwang-jae will become the first lawmaker in South Korea to accept crypto for campaign purposes. An official from Lee’s administration said:

“We are currently reviewing our selection of local wallet providers as well as our wallet addresses on our blog, Facebook page and YouTube channel in early January.”

The legislator’s office said it plans to first accept 10 million won (approximately $8,400) worth of cryptocurrency donations, with a limit of 1 million won ($840) set in place for each contributor. The donated assets will then be converted to cash at a local crypto-asset exchange.

In addition, Lee Kwang-jae also warned that due to market volatility, the actual value of the donation may differ when converted to fiat. This can lead to a different tax withholding amount than people originally expected when conducting year-end tax returns.

Since early 2021, the South Korean government has sought to impose strict rules on the blockchain space. One of them includes taxing those who make more than $42,000 in profits from cryptocurrency trading with a 20% tax, expected to roll out in 2022, in addition to requiring Google and Apple to block Play games. to Earn on the app.

However, a few months later, the ruling party – the Democratic Party proposed to postpone the tax policy. According to the legislators, the country does not have a methodical plan to carry out tax procedures. Soon after, the opposition party – the People’s Party, also said that the postponement of the law was necessary. As a result, the bill is pushed back to 2023.

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