Taipei-based politician Hsiao Hsin-Chen just made history as the first politician to accept a donation in cryptocurrency. An anonymous individual has pledged a Bitcoin donation to the Taiwanese politician this past week as the country continues to be the center of South East Asia’s cryptosphere. More and more companies and government entities express continual interest in blockchain technology across Taiwan.
Hsin-Chen is running for a council seat in Taipei city and recently opened the doors to his campaign announcing he would be accepting donations of all forms, explicitly naming cryptocurrency as a viable option. This announcement is what ushered in the first-ever Bitcoin political donation. The pledge was limited by the stipulation that all non-cash donations must be less than 10,000 New Taiwan Dollars (approximately $325 USD).
The candidate was not just looking to garner more campaign funds, accepting the crypto donation was a strategic gesture meant to bolster his promise to help build a blockchain-based future in Taipei. Hsin-Chen believes that cryptocurrency can help foster more transparent government practices. He sees accepting the Bitcoin donation as a symbol of a trustless future that will work to reduce corruption. His pro-Web 3.0 stance is reminiscent of “Crypto Congressman” Jason Hsu, another Taiwanese politician.
While Taiwan’s neighbor to the West, blockchain powerhouse China, is still implementing a strict cryptocurrency ban, Taiwan has not been at all influenced by this attitude. Hsu after getting voted into Parliament in 2016, started to shift focus towards the future, namely cryptocurrency, and self-driving cars, and now Hsin-Chen is following closely in his footsteps promising to bring more pro-technology initiatives to the table. Taiwan might even turn out to be the crypto capital of not just that hemisphere, but the world. Taiwan is gearing up to integrate blockchain applications into all of their government processes.
A national stablecoin on the Ethereum network that will be tied to the value of the New Taiwanese Dollar is set to launch in July 2019. The “dollar to token” patent will help to prevent the cryptocurrency from being linked with crime and laundering. There are additional plans (proposed by none other than Crypto Congressman Hsu) to create a special economic zone designated for blockchain headquarters. The plan predicts over 200 companies could set up shop in this silicon-like district.
Hsu’s plans don’t stop at the island’s borders, he has future ideas of exporting the technology to developing nations around the world. With more and more politicians like Hsu and Hsin-Chen each election period, Taiwan makes a name for themselves as a global tech leader, having set the historical benchmark for crypto donations to both fiscally and symbolically back pro-blockchain politicians.