South Korean Presidential Candidate to Raise Funds Through NFTs: Report
Lee Jae-myung, the presidential candidate for DPK, intends to print NFTs with images of himself to support his campaign.
According to reports, South Korea’s Democratic Party of Korea (DPK), which is currently in power, may introduce non-fungible tokens to raise money for a presidential election. The memorabilia will feature Lee Jae-myung, the DPK’s presidential candidate, and act as a bond that enables owners to trade NFTs with other people.
NFTs Supporting the Presidential Race
The project will launch later this month, according to a January 3 story by The Korea Times. The DPK will be the first political party in the world to deploy digital collectibles for this purpose, presuming that the non-fungible tokens are issued by the DPK.
Using NFTs, our presidential contender is likewise getting ready to raise money, a politician from the ruling party confirmed.
The DPK further noted that using NFTs for fundraising does not contravene either the Public Official Election Act or the Political Funds Act. Rep. Lee Kwang-jae disclosed that throughout the previous eight months, the authorities had in-depth discussions on the issue with several government agencies.
The Public Official Election Act and the Guidelines on Management of Political Funds shall be followed in managing the donations, he continued.
The DPK’s nominee for president is Lee Jae-myung, a 57-year-old party member, and the election is scheduled on March 9, 2022. The initiative is thought to have the support of some of the younger Koreans, particularly those in their 20s and 30s, who are among the most active users of cryptocurrencies.
In a recent interview, Lee Jae-myung expressed the opinion that South Korea ought to set an example for the rest of the world by embracing non-fungible tokens and digital assets to a greater extent.
The presidential candidate said, “If we deny what truly exists, it will be equivalent to an isolationist foreign policy.”
Cryptocurrencies accepted as donations for politics
Another member of the Democratic Party of Korea, Rep. Lee Kwang-jae, stated last week that he intended to accept cryptocurrency donations for his campaign.
The two most valuable assets by market capitalization, Bitcoin (BTC) and Ether (ETH), along with a few regional tokens, will be the inaugural assets. If successful, the lawmaker will pioneer the use of bitcoins for campaign financing in his industry.
According to the lawmaker’s office, a 1 million won ($840) cap has been imposed for each contributor as part of its initial plan to accept 10 million won (about $8,400) worth of cryptocurrency.
Additionally, starting in mid-January of this year, Rep. Lee Kwang-jae intends to issue non-fungible tokens as a receipt for such contributions.