South Korea’s Donation Law Excludes Cryptocurrencies! Except for government-issued stablecoins

In the context of the increasing popularity of cryptocurrency payments, South Korea’s Ministry of Public Administration recently stated that some amendments to the country’s Donation Law have been submitted, but the use of encryption is not allowed. currency to donate.

South Korea’s Donation Law Excludes Cryptocurrencies

South Korean authorities said that starting in July, new donation methods will be opened up for people who wish to donate to charities or other units, such as the Korean Network The giant Naver offers loyalty points, department store gift certificates, stocks, etc., but it does not accept the use of cryptocurrencies such as Bitcoin.

The agency pointed out that South Korea's "Donation Law" was originally enacted in 2006. At that time, there were fewer types of payments and smartphones were not yet popular. Compared with the previous bank transfers and online remittances, this amendment also provides Donation methods such as automated response systems, postal services and logistics services.

However, while direct cryptocurrency donations are not currently accepted, the agency also allows donations through fiat-linked stablecoins issued by local governments, as well as gift certificates issued through the blockchain.

Crypto-donation becomes the norm

According to a report released by The Giving Block, with the development of blockchain, charitable donations through cryptocurrency have become more and more common, data Display:

• As of January 2024, the total amount of global donations using cryptocurrencies has exceeded $2 billion

• In the United States, 56% of top charities accept cryptocurrency donations.

In addition, the report also adds the advantages of cryptocurrencies for charitable donations:

• Chain The information on the website is clear and transparent

• Compared with bank transfer and other methods, it is more convenient to use cryptocurrency to donate

• The development of blockchain has also promoted More institutions are willing to accept cryptocurrency donations, which is driving the growth of philanthropy.

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