According to local South Korean media Kyunghyang Shinmun, the public administration department said it has submitted some amendments to South Korea's Donation Law, which restrict the use of crypto assets for donations. From July, interested parties who wish to donate to charities or causes can use general merchandise store gift certificates, stocks, loyalty points from Naver, and other new ways, but crypto assets such as bitcoin will not be available.
The agency noted that the bill on the collection and use of donated items was first enacted in 2006, when payment methods were less diverse and smartphones were not widely available. The new amendment mentions that donation methods have also expanded from bank transfers and online methods to include automated response systems, postal services, and logistics services. In addition, the legislation would allow donations of stablecoins issued by local governments, anchored to the Korean won, and gift certificates issued on a blockchain.
South Korea Submits Amendment to Donation Law to Restrict Cryptocurrency-Related Uses
2024-05-06 06:14:35
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