CandleFocus Seoul National University Halts Crypto Donations Until Stability and Regulations Are Assured
2024-10-14
Author: Content Editor
Seoul National University (SNU) in South Korea has decided to halt cryptocurrency donations until digital asset stability is ensured and appropriate regulatory frameworks are in place. This decision comes after a controversy involving Wemade, a game company, which pledged KRW 1 billion in WEMIX tokens to a startup fund but later liquidated the tokens without prior disclosure, leading to a significant drop in their value. SNU's decision highlights concerns about the volatility of digital assets and the need for clear regulations in cryptocurrency philanthropy. SNU aims to develop a secure and regulated framework for accepting cryptocurrency donations in collaboration with financial regulators, cryptocurrency experts, and philanthropic organizations. The university's approach sets a precedent for other institutions considering similar funding strategies, emphasizing the importance of stability, transparency, regulatory compliance, and risk management in crypto donations.
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