September 30, 2022

South Korean Presidential Candidate to Raise Funds Through NFTs: Report

2 min read

The judgment political party of South Korea– The Democratic Party of Korea (DPK)– will apparently roll out non-fungible tokens for fundraising in a presidential election. The collectibles will illustrate Lee Jae-myung’s image (DPK’s candidate for president) and function as a bond permitting holders to exchange the NFTs with other individuals.

NFTs Fueling Presidential Campaign

According to a January 3 report by The Korea Times, the initiative will begin later on this month. Assuming the DPK concerns the non-fungible tokens, it will end up being the world’s first political celebration to employ digital antiques for such a cause.

“Our governmental prospect is also getting ready for fundraising utilizing NFTs,” a lawmaker member of the ruling celebration confirmed.

The DPK also emphasized that fundraising using NFTs does not break the Political Funds Act or the Public Official Election Act. Rep. Lee Kwang-jae revealed that the officials have actually completely talked about the matter with federal government institutions over the past 8 months.

“The contributions will be handled in compliance with the general public Official Election Act and the Guidelines on Management of Political Funds,” he added.

The South Korean presidential election is set for March 9, 2022, as the DPK’s prospect is the 57-year-old member of the celebration – – Lee Jae-myung. The relocation is considered to win a few of the young Koreans’ votes, specifically those in their 20s and 30s – – amongst the most active individuals in the cryptocurrency space.

Throughout a current interview, Lee Jae-myung suggested that South Korea need to lead the international trend and embrace non-fungible tokens and digital possessions at a greater level.

“If we deny what really exists, it will be similar to an isolationist diplomacy,” the governmental candidate concluded.

Rep. Lee Jae-myung, Source: The Korea Held
Lee Jae-myung, Source: The Korea Held Cryptocurrencies Accepted as Political Donations

Last week, Rep. Lee Kwang-jae– another member of the Democratic Party of Korea– exposed his intents to receive campaign contributions in cryptocurrencies.

The initial properties will be the two biggest by market capitalization– Bitcoin (BTC) and Ether (ETH), along with a couple of regional tokens. If realized, the political leader will end up being the very first in his field to accept cryptocurrencies for campaign financing.

The lawmaker’s workplace explained that it first means to receive 10 million won (around $8,400) worth of cryptocurrencies, with a 1 million won ($840) limit set for each factor.

Furthermore, Rep. Lee Kwang-jae plans to issue non-fungible tokens as an invoice for such contributions starting from mid-January this year.