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South Korea presidential candidate to raise campaign funds using crypto

south korea banks
south korea banks

Lee Jae-myung, a presidential candidate for the Democratic Party of Korea (DPK), is issuing non-fungible tokens (NFTs) to fundraise for the presidential election. The NFTs will feature Jae-myung’s image, and they will be transferrable.

NFTs to fund a presidential campaign

A publication on January 3 by the Korea Times noted that the fundraiser would commence towards the end of this month. Once the NFTs are created and issued, it will be the first time the DPK is using NFTs for such a purpose.

One of the lawmakers with the party noted that “our presidential candidate is also preparing for fundraising using NFTs.

The party further clarified that the use of NFTs was not against the Political Funds Act or the Public Official Election Act. The party also noted that it had consulted with various government institutions over the past 8 months on the issue.

“The donations will be managed in compliance with the Public Official Election Act and the Guidelines on Management of Political Funds,” one of the party officials stated.

The South Korean presidential elections are expected to happen on March 9, 2022, and Jae-myung has been selected as the candidate for the country’s ruling party. The move to use NFTs for the fundraiser is to attract young voters, as these are the most active within the crypto sector.

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In a recent interview, Jae-myung noted that South Korea should take the lead in the global trend for crypto adoption and adopt the use of NFTs and digital assets in general.” If we deny what actually exists, it will be similar to an isolationist foreign policy,” he stated.

Use of crypto for political donations

Representative Lee Kwang-jae, yet another member of the DPK, recently announced the intention to receive campaign donations in cryptocurrencies. The politician plans to accept Bitcoin and Ethereum in the campaigns and other local tokens. Kwang-jae will be the first politician to accept cryptocurrencies to finance a campaign with this move.

The lawmaker also stated that he intends to receive 10 million won in cryptocurrencies, valued at around $8400. Additionally, the limit for one contributor has been set at 1 million won or $840. The contributors are also set to receive a receipt for their contributions from mid-January.

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