South Korea submits amendment to donation law, limiting the use of cryptocurrencies

According to a report by Golden Finance, as reported by local Korean media Kyunghyang Shinmun, the public administration department stated that it has submitted some amendments to the South Korean "Donation Law", which restricts the use of cryptocurrencies for donations. Starting from July, parties wishing to donate to charities or causes can use various new methods such as department store gift vouchers, stocks, Naver loyalty points etc., but they will not be able to use cryptocurrencies like Bitcoin. The agency pointed out that the original law regarding collection and usage of donated items was established in 2006 when there were fewer types of payment methods and smartphones were not widespread. The new amendment mentions that donation methods have expanded from bank transfers and online ways to include automatic response systems, postal services and logistics services. In addition, this legislation will allow donations with stablecoins issued by local governments pegged to the Korean Won and blockchain-based gift vouchers.