In a surprise move that will spur further adoption of cryptocurrencies in Asia and globally, the Japanese can now donate unlimited amounts of cryptocurrencies to politicians and need not disclose this to the authorities. This was made known by Sanae Takaichi in a press conference two days ago. Sources indicate that she said that cryptocurrency donations don’t fall under the purview of the Political Funds Control Law and as such don’t need to be disclosed and can be donated without limit to politicians.
She further indicated that the law allowed for the cryptocurrencies donated not be added to the political balance of accounts which may appear hair raising to some but in pro-cryptocurrency Japan it is normal for those kinds of scenarios. She said:
“Cryptographic assets do not fall under any of the above [regulations], and don’t limit donations.”
This already indicates that the Japanese are inching towards adoption for cryptocurrencies faster than most countries in real-life scenarios, political donations being a case in point. She also said:
“…Because it will limit the political activities of politicians, it will be a problem to be discussed by each party and each group.”
This also proves to many that the Japanese are willing to go beyond what others will normally approve of as regards the use of cryptocurrencies. While many critics may scream blue murder and talk about the frills and ills which such a move may spur (money laundering, unlimited political influence by influence groups and so on), they forget that the Japanese cryptocurrency industry is heavily regulated and governed by not only the Financial Services Authority, but by government agencies via several self-regulating organizations as well.
Furthermore, the Japanese are known for their open society initiatives which always encourage near-zero crime and as such the near-unlimited use of cryptocurrencies in political donations will not pose a threat to the Japanese political system or society.
Cryptocurrency donations might also become the tool of choice for many Japanese and it will be interesting to see how this plays out in future elections in the island nation. The Japanese will always have a way to make sure things even out smoothly anyway.
While the above scenario may seem a little far-fetched, the Japanese have always been known for their pro-technology in general and pro-cryptocurrency stances in particular. This does also increases the use-case scenarios where adoption not only in Japan but on a global scale as well.
While cryptocurrency donations as described by the minister haven’t been put to test in this regard, it is expected that a broader interpretation of the law will ensue in the coming weeks as the Japanese always avoid ambiguity in this sort of thing.