Government officials declared on May 5 that cryptocurrencycurrency, including Bitcoin, will not be allowed under the modified donations law in South Korea, as local news reported.
The ministry intends to improve venues for online donations and accept payments using ARS technology. Charity and cryptocurrencycurrency fans were disappointed that the choice to exclude cryptocurrencycurrency was not disclosed.
Although it wants to increase donations, the Ministry of the Interior and Safety will not accept cryptocurrencycurrency donations. Law changes will make it possible to donate to charities using a variety of substitutes, including local stablecoins, gift cards, securities, and loyalty points.
Charities in South Korea Navigate Cryptocurrency Challenges
Despite the growing popularity of cryptocurrencycurrencies, charitable organizations in South Korea must rely on exchanges to convert tokens into cash due to regulatory restrictions. Previous attempts at cryptocurrencycurrency-powered networks encountered difficulties; significant donations through exchanges such as Dunamu’s platform began in 2020.
Given the prevalence of digital assets, it is imperative that restrictions are made more explicit. This is demonstrated by South Korea’s decision to exclude cryptocurrencycurrency from its donations law.
In spite of this, cryptocurrencycurrency donations are becoming more and more common. Major sums of money are being donated to global causes such as helping those affected by earthquakes in Turkey and Syria and providing support for refugees in Ukraine.
Also Read: South Korean Politics Uses Crypto Push to Court Youth
