TechFlow News, according to Cointelegraph citing South Korea's local media Kyunghyang Shinmun, the public administrative department has submitted amendments to South Korea’s Donation Act, which restrict the use of crypto assets for donations. Starting in July, donors wishing to contribute to charities or causes will be able to use various new methods such as department store gift vouchers, stocks, and Naver’s loyalty points, but cryptocurrencies like Bitcoin will not be permitted.
The agency noted that the original law governing the collection and use of donated items was enacted in 2006, when there were far fewer payment methods and smartphones were not yet widespread. The proposed amendments expand donation methods from traditional bank transfers and online payments to include automated response systems, postal services, and logistics services. Additionally, the legislation would allow donations using stablecoins issued by local governments that are pegged to the Korean won, as well as blockchain-based gift vouchers.
