The Ministry of Public Administration submitted modifications to the Donations Act.
Donations to non-profits will be accepted via a number of new channels beginning in July.
South Korea’s charities and contribution campaigns may take a hit as digital currencies are not included in the country’s recently revised donation laws.
According to Kyunghyang Shinmun, a local media site, the Ministry of Public Administration said on May 5 that they had submitted modifications to South Korea’s “Donations Act” which restrict the usage of cryptocurrency for donations.
Donations to non-profits will be accepted via a number of new channels beginning in July, including department store gift cards, stocks, and loyalty points from Korean internet behemoth Naver, but not cryptocurrencies like Bitcoin.
Failed to Explain Rationale Behind Exclusion
The statute governing the acquisition and use of donated items was first passed in 2006, at a time when there were fewer forms of payment
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