According to Cointelegraph, the public administration department said it has submitted some amendments to South Korea's Donation Act, which restricts the use of crypto assets for donations, according to local Korean media Kyunghyang Shinmun. 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The agency noted that the bill on the collection and use of donated items was originally enacted in 2006, when there were fewer payment methods and smartphones were not popular. The new amendments mentioned 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 pegged to the Korean won and gift certificates issued based on blockchain.
