For the first time in Taiwan’s lively democracy, a political donation has been made in bitcoins.
Per Hsiao, the donation will have not only political implications but also technological ones as the adoption of cryptocurrency donations could assist in keeping the political system of Taiwan clean owing to the transparent and public nature of blockchain technology on which bitcoin is built.
Hsiao said, “Accepting bitcoins as a political donation is more symbolic than the act appears,”
According to the news outlet, the bitcoin donation was made to Hsiao Hsin-Chen who is vying for a seat in Taipei City Council on a New Power Party ticket. The US$325 bitcoin donation comes after a month since the political candidate announced that he would be accepting cryptocurrency donations.
A Canada for a local government seat in the city of Taipei has made history as the first politician in Taiwan to ever receive a campaign donation in bitcoin.
There’s no one to stop them from doing this, Noting the growing stature and importance of cryptocurrencies in the world, Taiwan’s Vice Premier, Shih Jun-ji, also earlier in the year also called for measures to be implemented in order to safeguard the island country’s financial health, as CCN reported. At the time Shih noted that with the market capitalization of bitcoin then being US$160,000, this was more than double Taiwan’s budget.
Additionally, Shih stressed that bitcoin’ market capitalization then was equal to the combined assets of all the banks in Taiwan while it constituted around 33% of the foreign exchange reserves held by the Asian country.