South Korea Submits Amendment to Donation Law to Restrict Cryptocurrency Use

Kyunghyang Shinmun, a local media in South Korea, reported that the public administration department has submitted some amendments to the Korean "Donation Law", which limits the use of encrypted assets for donations. Starting from July, those who wish to donate to charitable organizations or businesses can use a variety of new methods, such as department store gift vouchers, stocks, and Naver loyalty points, but encrypted assets such as Bitcoin will not be accepted. The organization pointed out that the bill on the collection and use of donated items was originally formulated in 2006, when there were fewer payment methods and smartphones were not popular. The new amendments mention that donation methods have expanded from bank transfers and online methods to include automatic response systems, postal services, and logistics services. In addition, the legislation will allow local governments to issue stable coins anchored to the Korean won and gift vouchers based on blockchain for donations.