Lee Jae-myung was nominated in South Korea by the ruling party for the forthcoming presidential election. He plans to raise money in cryptocurrency and issue supporters non-fungible tokens. The campaign hopes the initiative will attract young, tech-savvy Koreans who are increasingly interested in digital assets.
Ruling Party in South Korea To Collect Crypto Funds For Presidential Bid
The Democratic Party of Korea, the country’s leading political force, is going to raise election funds through cryptocurrency and issue receipts to donors in the form of non-fungible tokens (NFTs), Korean media reported on Sunday. The money will be used to finance the campaign of the party’s presidential nominee, Lee Jae-myung.
Bitcoin (BTC), Ethereum (ETH) and three additional cryptocurrencies are currently under review. The final list of coins to be accepted will be announced in mid-January, the committee managing Lee’s run unveiled, quoted by the Korean Herald and the Yonhap news agency.
NFTs will include photos of the candidate as well as his pledges for election to donors who support the campaign to raise money for the presidential race on March 9. These tokens will be used as an alternative medium to communicate with young voters and digital natives. Kim Nam-kook was the campaign official.
This type of fundraising might appeal to the younger generation, who are keen on emerging technologies such as NFTs, virtual assets and the metaverse.
Reports indicate that the Democratic Party was looking into ways to accept cryptocurrency donations, and to issue NFT receipts. This is to emphasize its belief in technology and to draw millennial voters. Lee Kwang-jae, who heads the committee on future economy in the campaign team, said that the DP was told by the National Election Commission that it doesn’t violate any election laws by accepting crypto.
On Thursday, the lawmaker said that he’d start accepting digital coins directly from his supporters. “With politics, we should break the regulations and foster new industries such as metaverse and NFT and give hope to the young people,” Lee Kwang-jae insisted.
Party officials claim that if Lee Jae-myung’s initiative is successful, he will become the world’s first candidate to issue NFTs as part of efforts to finance a presidential bid. These non-fungible tokens are political memorabilia and could be held in the future as well as being an investment. The donated digital money will be converted into Korean won through a crypto exchange and then deposited into the campaign’s account.
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