South Korea's Public Administration Ministry Submits Amendment to Donation Law

According to Foresight News, South Korea's Public Administration Ministry has submitted an amendment to the country's donation law. Starting from July, citizens will be able to use various new methods such as department store vouchers, stocks, and Naver's membership points to donate to charities or philanthropic causes. However, the use of cryptocurrencies like Bitcoin for donations will be restricted. In addition, the legislation will allow donations using stablecoins pegged to the Korean Won issued by local governments and vouchers issued based on blockchain technology. This move is seen as an effort to diversify the methods of donation and encourage more people to contribute to charitable causes. The restriction on the use of cryptocurrencies for donations could be due to concerns about their volatility and potential for misuse. The amendment is expected to be implemented from July, providing citizens with more options to make their contributions. The inclusion of blockchain-based vouchers and stablecoins in the donation methods indicates the growing acceptance of these technologies in the country. However, the restriction on cryptocurrencies suggests that the government is still cautious about their use in financial transactions.