According to reports, the ruling party in South Korea, The Democratic Party of Korea (DPK), will issue non-fungible tokens to raise funds for a presidential election. These collectibles will feature Lee Jae-myung (DPK’s candidate to be president) and act as a bond that allows holders to exchange NFTs with others.
Presidential Campaign Fuelled by NFTs
According to The Korea Times’ January 3 report, the initiative will begin later in the month. If the DPK issues non-fungible tokens, it would be the first political party in the world to use digital collectibles to support such a cause.
A lawmaker from the ruling party confirmed that “our presidential candidate is also planning to raise funds using NFTs”.
The DPK stressed that NFTs are not prohibited from being used for fundraising. Rep. Lee Kwangjae stated that officials had discussed the issue with the government institutions for eight months.
He said that donations would be handled in accordance with the Public Official Election Act as well as the Guidelines on Management of Political Funds.
South Korea’s presidential election will be held on March 9, 2022. The DPK’s candidate for the DPK is Lee Jae-myung, a 57-year old member of the party. This move is expected to win votes among young Koreans, particularly those in their 20s or 30s – who are some of the most active people in cryptocurrency.
Lee Jae-myung stated that South Korea should be the leader in embracing non-fungible tokens, digital assets and higher levels of technology during a recent interview.
The presidential candidate stated that if we ignore what is actually there, it would be like an isolationist foreign strategy.
Lee Jae-myung Source: The Korea Held
Accepted Cryptocurrencies as Political Donations
Rep. Lee Kwangjae, another member of the Democratic Party of Korea, revealed last week that he plans to accept campaign donations in cryptocurrency.
Initial assets will include Ether (ETH) and Bitcoin (BTC), along with a few local tokens. If the politician is successful, he will be the first to accept cryptocurrency for campaign finance.
The office of the lawmaker explained that it initially intends to receive 10,000,000 won (around $8,000.00) in cryptocurrencies. Each contributor is limited to 1 million won ($840).
Rep. Lee Kwangjae also plans to issue non-fungible tokens for such contributions beginning in mid-January.
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