South Korea Submits Amendment to Donation Law to Restrict Cryptocurrency Use

According to local Korean media Kyunghyang Shinmun, the public administration department said that it has submitted some amendments to South Korea's Donation Act, which restricts the use of crypto assets for donations. Starting in July, parties who want to donate to charities or causes can use a variety of new methods such as department store gift certificates, stocks, and Naver's loyalty points, but crypto assets such as Bitcoin will not be available. The agency 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 also expanded from bank transfers and online methods to include automatic response systems, postal services, and logistics services. In addition, the legislation will allow donations of stablecoins issued by local governments and anchored to the Korean won and gift certificates issued based on blockchain. (Cointelegraph)